Key iPhone assembler and supplier Foxconn will be investing another $500 million in India, in a bid to expand its chipset-making business in the South Asian market, the media has reported. Taiwan-headquartered Foxconn, also the world's largest contract electronics maker has announced that its Singapore unit has acquired 4.08 million shares in Foxconn Hon Hai Technology India Mega Development Private Limited for $500 million, says a report by news agency Reuters.
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To recall, Foxconn opened its India manufacturing facility in 2019 and it has been scaling up production since. The company started producing the new iPhone 14 in the country this year.
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The key Apple partner plans to boost the workforce at its plant in southern India to 70,000 by adding 53,000 more workers over the next two years, the report added citing sources.
This comes amid Foxconn giving another special payout to employees in China to soothe unrest and restore production at the world’s biggest iPhone factory at Zhengzhou. Earlier last week, a Bloomberg report said that Foxconn is offering workers between October 1 and November 10 an extra 30 yuan ($4.20) an hour on top of their regular wages through December and January, as well as a returnee bonus of 500 yuan.
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Earlier, Foxconn decided to give bonuses of as much as $1,800 to existing workers at China’s Zhengzhou facility, hoping to sustain the staff levels it needs to run the world’s largest iPhone factory. Now, the firm will give 3,000 yuan bonus to employees if they stay for 30 days, plus another 6,000 yuan in January if they work 23 days or more, according to a notice posted on social media service WeChat.