iPhone maker Foxconn invests $1.5 billion in expansion in India

  • Apple supplier Foxconn said it plans to invest more than $1.5 billion in India for an unspecified construction project to meet its “operational needs.”
  • Foxconn already has several projects underway in India, including factories in the states of Karnataka and Telangana.
  • Foxconn is a major supplier to Apple and plays a crucial role in iPhone assembly.

A factory at the mobile phone factory of Rising Stars Mobile India, a unit of Foxconn in Tamil Nadu, India, on July 12, 2019.

Bloomberg | Bloomberg | Getty Images

Foxconn Technology will invest more than $1.5 billion in an Indian construction project to meet the “operational needs” of an Apple supplier that the company announced in Taiwanese security filings on Monday.

The $1.541 billion investment was made through Foxconn’s subsidiary, Hon Hai Technology India Mega Development, which has been registered in the Indian state of Maharashtra since 2015, according to one Indian securities filing and corporate registry. The same subsidiary will budget an equivalent amount in Indian rupees for a construction project to meet “operational needs,” a concurrent filing said.

Foxconn is a major supplier to Apple and has significant operations in mainland China. Foxconn’s factories are an important part of Apple’s iPhone manufacturing Hit hard When coronavirus lockdowns slowed production to a crawl in 2022.

These closures, coupled with general geopolitical turmoil, have prompted Apple suppliers like Foxconn to reevaluate their extensive presence in China. Foxconn has already announced multiple projects within India, including a $600 million project in Karnataka state and a $500 million factory in Telangana state.

No further details were provided in securities filings, and a Foxconn spokesperson did not immediately respond to CNBC’s request for comment.

See also  Home prices fall for the first time in three years, the biggest drop since 2011

The new investment from Foxconn comes just months after Foxconn pulled out of a $19.5 billion chipmaking joint venture in India under a “mutual agreement,” the company said at the time. Foxconn added that it remains “confident” about India’s semiconductor industry ambitions.

He watches: Foxconn faces a Chinese government investigation over taxes and land use

Leave a Reply

Your email address will not be published. Required fields are marked *