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.

Foxconn in May announced the purchase of a huge tract of land on the outskirts of Indian tech hub Bengaluru for $37 million.

It currently operates about nine production campuses and has more than 30 factories in India, with “turnover of business size of roughly $10 billion annually”, according to Liu.

The company is planning to expand its India operations to “critical components” for consumer electronics and electric vehicles to boost its competitiveness, he said, without giving more details.

“Shipping (for critical components) will probably have to wait till next year but this year, relevant constructions have started,” Liu said, adding the operations will take place in three states in India.

Last month, Foxconn withdrew from a $19.4 billion deal with India’s Vedanta to make semiconductors in Gujarat state — dealing a blow to New Delhi’s plan to boost self-reliance in the tech supply chain.

Foxconn posted a one percent drop in second quarter net profits on Monday, while revenues fell 14 percent on-year to $1.3 trillion Taiwan dollars ($40.8 billion) — an indication of a worsening market for global electronics during an economic downturn.