iPhone Maker Foxconn Announces Investment Of $1.5 Billion In India

Hon Hai, commonly known as Foxconn, and other Taiwanese electronics manufacturers focus on broadening their business ventures beyond China due to escalating tensions between Washington and Beijing.

Biggest iPhone contract manufacturer Foxconn, also known as Hon Hai Precision Industry Co., is set to increase its presence in India through an additional investment of $1.6 billion in the country to set up factory, the media has reported. Foxconn made the announcement in a stock exchange filing in Taiwan, but did not provide any further details of the investment.

Foxconn, a key Apple supplier, announced that its subsidiary, Foxconn Singapore, acquired 12.83 billion shares of Foxconn Hon Hai Technology India Mega Development for $1.54 billion, says a report by news agency Bloomberg.

The development arises as Hon Hai, commonly known as Foxconn, and other Taiwanese electronics manufacturers focus on broadening their business ventures beyond China due to escalating tensions between Washington and Beijing.

The contract manufacturer of Apple iPhones intends to increase its workforce and investment in India two-fold by the upcoming year, as stated by a company executive earlier in September, Reuters reported.

Chairman Liu Young-way emphasized the substantial potential in India during an August earnings briefing, highlighting that "several billion dollars in investment is just the start."

Earlier in August, the southern Indian state of Karnataka revealed Foxconn's intention to invest $600 million in two component factories within the southern state. This comprises a facility dedicated to producing mechanical enclosures for iPhone devices and a semiconductor equipment manufacturing plant in collaboration with Applied Materials Inc, as stated by the state government at that time.

It is pertinent to note that almost 50 per cent of Foxconn's income comes from its partnership with Apple Inc. The company has been producing iPhones and diverse products in India for multiple years, including the latest iPhone 15. In September, a Foxconn representative in India indicated on LinkedIn that the Taiwanese firm plans to two-fold the magnitude of its activities in the South Asian nation.