Taiwan-based technology company, Foxconn, is planning to invest $2 billion to establish manufacturing plants in India over the next five years to produce mobile devices, TVs, batteries and other electronic products.

The company plans to manufacture around 400 million handsets in the country. Half of these handsets will be manufactured for the Indian market and the rest would be exported to Middle East, Africa and Russia.

It is expected that Foxconn will set up 10 to 12 manufacturing plants over the next five years. Microsoft has already partnered with Foxconn to produce two variants of smartphones for the Indian market in the latter’s manufacturing plant in Sri City, Andhra Pradesh.