Foxconn’s Hon Hai to expand footprint in India with $1.6 bn investment

By Jane Lanhee Lee

IPhone maker Hon Hai Precision Business Co. plans to develop its footprint in India with one other NT$50 billion ($1.6 billion) funding for building tasks.

The announcement, made in an trade submitting in Taiwan late Monday, didn’t give any additional particulars, saying solely that the funding was for “operational wants.” A spokesperson for the corporate declined to say the place the brand new amenities can be or what they’d construct. 

The information comes as Hon Hai, often known as Foxconn, and different Taiwanese electronics producers proceed to diversify their companies outdoors of China as tensions rise between Washington and Beijing.

About half of Foxconn’s income comes from enterprise with Apple Inc. The corporate has been making iPhones and different merchandise in India for a number of years, together with the newest iPhone 15. In September, a Foxconn consultant in India stated on LinkedIn that the Taiwanese firm plans to double the scale of its enterprise within the South Asian nation.

India’s Karnataka state authorities in August introduced that Foxconn deliberate to speculate $600 million on two element factories within the southern Indian state. That included a plant that may make mechanical enclosures for iPhones and a semiconductor gear manufacturing plant it can function with Utilized Supplies Inc, the federal government stated on the time.

These two tasks are on high of a $700 million facility Foxconn goals to construct on a 300-acre (121 hectares) website near the airport in Bengaluru, the capital of Karnataka, Bloomberg Information beforehand reported. That plant is prone to assemble iPhones.

It was not instantly clear if the newest funding announcement is to cowl these tasks or further ones.

Foxconn already operates 9 manufacturing campuses and greater than 30 factories using tens of hundreds of individuals in India, the place it takes in round $10 billion of income yearly.