Taiwan`s Foxconn is planning further investment in India and may announce details in the next few months as the world`s largest contract manufacturer views the outlook there very favourably.

Foxconn already makes smartphones in India for Apple Inc and Xiaomi Corp, though in March said it suspended production due to the novel coronavirus outbreak.

Chairman Liu Young-way told Foxconn`s annual general meeting that, looking ahead, India was a bright spot for development even though there was a "certain impact" at present due to the virus.

Liu said, “We are fully pushing ahead with next steps there, and maybe in a few months` time we can reveal on our website the next steps and report back to everyone. We`ll have further investment there.”

Due to the COVID outbreak Foxconn`s January-March profit jumped to its lowest in two decades, forced the firm to suspend manufacturing in China and knocked demand from customers including Apple.

Formally Hon Hai Precision Industry Co Ltd, last month said, “the worst of the outbreak for it was over.”

Liu described the first-quarter results as a "special case" that reflected the effect of the virus. There were no infections at its China plants so it was able to resume operations earlier than it expected, Liu adds.

Taiwan’s Foxconn is seeking to make up virus-related losses at its China plants with "resources" from customers and local governments. Liu also said, “Looking forward, a second wave of global coronavirus infection was a risk to its business.”

For the second quarter, the company has said it expects revenue to show double-digit percentage growth than January-March, though it will still likely book a single-digit decline from the same period a year earlier.