- Apple supplier Foxconn said it plans to invest more than $1.5 billion in India in an unspecified construction project to meet its “operational needs.”
- Foxconn already has several projects in the works in India, including factories in the states of Karnataka and Telangana.
- Foxconn is a key Apple supplier and plays a crucial role in iPhone assembly.
A factory at the mobile phone plant of Rising Stars Mobile India, a unit of Foxconn, in Tamil Nadu, India, on July 12, 2019.
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Foxconn Technology will invest more than $1.5 billion in an Indian construction project to meet the Apple supplier’s “operational needs,” the company said in Taiwan security filings on Monday.
The $1.541 billion investment was made through a Foxconn subsidiary, Hon Hai Technology India Mega Development, which has been registered in the Indian state of Maharashtra since 2015, according to one of the securities filings and Indian corporate filings. In a concurrent filing, it said the same subsidiary would budget the equivalent amount in Indian rupees for a construction project to meet “operational requirements.”
Foxconn is a major Apple supplier and has significant operations in mainland China. Foxconn’s factories are a key part of Apple’s iPhone production and were hit hard when Covid-19 lockdowns reduced production to a minimum in 2022.
These lockdowns, along with broader geopolitical unrest, have caused Apple suppliers like Foxconn to rethink their concentrated presence in China. Foxconn has already announced several projects in India, including a $600 million project in the state of Karnataka and a $500 million factory in the state of Telangana.
No further details were provided in securities filings, and a Foxconn spokesman did not immediately respond to CNBC’s request for comment.
Foxconn’s new investment comes several months after Foxconn exited by “mutual agreement” from a $19.5 billion chip-making joint venture in India, the company said at the time. Foxconn added that it remains “confident” about the ambitions of the Indian semiconductor industry.
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Originally posted 2023-11-27 15:30:34.