Relinquished role: Foxconn chief hints reduced role, will remain chairman

Gou also said he plans to write a book to pass on the lessons of his 45 years of management experience

Gou will continue to offer guidance on company direction after stepping away from daily operations.

"I'm already 69 years old". The company has only a tiny and shrinking share of India's smartphone market as yet, with a focus on lower-cost models. "We have moved our production lines there".

Speaking on the sidelines of an event in Taipei, Gou said he would remain involved in the company, namely in strategic decisions.

India is the fastest-growing smartphone market in the world, but technology manufacturers have shunned it in favour of China due to higher U.S. import duties on India products.

It is not yet clear how Apple's steps into India will affect its China operations.

Foxconn's founder and chairman Terry Gou has confirmed rumors that the iPhone manufacturing giant will begin mass-production of iPhone models in India later this year.

Foxconn now has two assembly sites in India, one located just south of Chennai and the other on the outskirts of Coimbatore, where it makes devices for Xiaomi and Nokia.

Foxconn is said to have invested $356 million to expand its operations in India to accommodate increased iPhone production amid fears of a 25% tariff on U.S. imports from China.

He said his plans would be discussed with the board of Foxconn, the world's largest contract manufacturer, formally known as Hon Hai Precision Industry Co Ltd.

He added that the company is in discussion with the Indian government with regards to investment.

The Taiwanese contract manufacturer assembles goods for Apple, SoftBank Group, and other global tech firms. Foxconn now has a dozen software experts in India, and plans to increase that figure to 600, Gou said. "If our customer wants to boost its scale, it will need to depend on us to grow the comprehensive supply chain". The company needs to meet a 30 percent local sourcing rule to be able to open its own stores in the country. On Xiaomi's Indian website, the Redmi Note 7 has a price of 9,999 rupees ($143), which is about a 10th the price of Apple's iPhone Xs in the country.

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