Apple supplier Foxconn to invest in India

Foxconn Technology has announced that it will invest more than 1.5 billion dollars in a construction project in India to meet its "operational needs."

According to one of the securities filings and Indian corporate records, the 1.541 billion dollar investment was made through Hon Hai Technology India Mega Development, a Foxconn subsidiary registered in the Indian state of Maharashtra since 2015. In a simultaneous filing, it was stated that the same subsidiary would allocate an equivalent amount in Indian rupees for a construction project to meet "operational needs."

Foxconn is a major Apple supplier and has significant operations in mainland China. Foxconn's factories constitute a critical part of Apple's iPhone production and were hit hard in 2022 when lockdowns due to COVID-19 brought production to a standstill. These lockdowns, along with general geopolitical turmoil, have prompted Apple suppliers like Foxconn to re-evaluate their heavy presence in China.

The new investment comes a few months after Foxconn withdrew from a 19.5 billion dollar chip manufacturing joint venture in India by "mutual agreement." Foxconn added that it maintains its "confidence" in India's semiconductor industry goals.

News Source: 12punto