Apple supplier Foxconn bets big on India, US; gets Taiwan approval to invest $2.2 billion; new factory in India to produce iPhones
Taiwanese electronics giant Hon Hai Precision Industry Co, globally known as Foxconn, has secured approval from Taiwan's ministry of economic affairs to invest over $2.2 billion in India and the United States, reported news agency ANI, citing Focus Taiwan.
A major portion, $1.49 billion, will be routed through Foxconn's Singapore-based subsidiary into Yuzhan Technology (India) Private Ltd, another Foxconn entity. The capital will be used to establish a new manufacturing facility in India aimed at producing iPhones and their components.
According to news agency PTI, the investment in Yuzhan Technology took place between May 14 and 19 and was made through Foxconn Singapore Pte.
The firm acquired 9,999 shares at Rs 10 each, leading to a total investment of $1.489 billion (approximately Rs 12,800 crore). The unit is located in Tamil Nadu and forms part of Apple's broader effort to ramp up iPhone production in India.
Experts view this as a strategic move by Foxconn to shift part of its supply chain out of China amid rising trade tensions with the US. India is steadily emerging as a critical manufacturing hub for Apple, which has plans to source the majority of iPhones sold in the US from India in the June quarter, while China will cater to other markets.
by Taboola
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Foxconn's expansion doesn't stop at India. It has also been cleared to invest $735 million to establish a US-based company named Project ETA (DE) LLC. The new unit will focus on producing data centre equipment and assembling servers.
Currently, Foxconn operates 223 factories and offices across 24 countries, including 12 in India and 54 in the Americas. The company has also increased its global presence in regions such as Mexico, Vietnam, and Europe.
The recent surge in Foxconn's India investments aligns with Apple's plan to produce around 60 million iPhones in the country this fiscal year. Indian government officials say India currently accounts for 15% of the global iPhone output.
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