TAIPEI: Taiwanese tech giant and key Apple supplier Foxconn said Monday it sees the potential to invest “several billion dollars” in India, with the firm looking to diversify its manufacturing away from China.

Foxconn — also known by its official name Hon Hai Precision Industry — is the world’s biggest contract electronics manufacturer and assembles devices for many companies, most notably Apple’s iPhones.

It operates in more than two dozen countries but the bulk of its operations is based in China — a dependence it is looking to reduce, with media reports of major investments in India.

“From the perspective of India’s potential market size and if we can fully implement our plans there, I think several billion dollars in investment is only a beginning,” Foxconn chairman Young Liu said when asked during an earnings call if the firm planned to invest $2 billion in India.