Taiwan-based Foxconn Technology Group and Japan-based SoftBank Corporation are in discussions to form a joint venture (JV) for manufacturing of electronics in India. Foxconn will reportedly lead the new JV while SoftBank will support the former for the same. The upcoming JV will get into manufacturing of electronic devices such as smartphone and tablets.

Foxconn has recently stated that it was aiming to develop several facilities in India, including factories and data centres by 2020. The government's initiative to encourage local manufacturing has attracted several established handset manufacturers such as Samsung, Micromax, Lava and Karbonn, which have proposed investments in domestic production.

India has the second-highest number of mobile phone accounts after China, and is also the third-biggest market by volume of smartphones sold. Moreover, this smartphone market is expected to more than double between 2015 and 2018, and much of it is expected to be driven by the migration from feature phones to smartphones.