Apple supplier Foxconn is spending $5B on a factory in India

Taiwan’s Foxconn, the world’s largest contract electronics manufacturer and a key supplier to Apple, on Saturday signed a pact with India’s Maharashtra state to invest $5 billion over five years on a new electronics manufacturing facility.

The announcement was made by Foxconn founder Terry Gou and Maharashtra Chief Minister Devendra Fadnavis after the signing of an accord in the state capital Mumbai.