Foxconn’s Taiwan-based Hon Hai Technology on Monday announced a $1.6 billion investment to build a factory in India.
Foxconn, a prominent Apple supplier, said its subsidiary Foxconn Singapore received 12.83 billion shares of Foxconn Hon Hai Technology India Mega Development for $1.54 billion.
The company, which announced the investment plan in a Taiwan stock exchange filing, did not provide further details.
The company’s chief executive, Liu Young-way, also said in an earnings briefing in August that he sees great potential in India, adding that “multi-billion dollar investments are just a start.”
In September, Business Today reported that Foxconn had laid out ambitious plans to strengthen its presence in India. The world’s largest electronics contract manufacturer plans to double its workforce and investments in the country within the next year. This strategic move is part of Foxconn’s broader efforts to diversify its manufacturing operations outside of China.
Foxconn already operates a massive iPhone manufacturing facility in Tamil Nadu, employing thousands. Additionally, Karnataka’s recent announcement of Foxconn’s $600 million investment underlines the company’s commitment to India’s emerging technology and manufacturing sectors, it said.
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