IPhone maker Hon Hai Precision Trade Co. plans to broaden its footprint in India with one other NT$50 billion ($1.6 billion) funding for building tasks.
The announcement, made in an change 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 services could be or what they’d construct.
The information comes as Hon Hai, also called Foxconn, and different Taiwanese electronics producers proceed to diversify their companies outdoors of China as tensions rise between Washington and Beijing.
Additionally Learn: ‘Season of scorching gross sales’: Apple provider Foxconn logs shock bounce in Q3 revenue. Particulars right here
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 mentioned 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 take a position $600 million on two part factories within the southern Indian state. That included a plant that may make mechanical enclosures for iPhones and a semiconductor tools manufacturing plant it is going to function with Utilized Supplies Inc, the federal government mentioned on the time.
Watch: Foxconn To Setup An EV Manufacturing facility In T.N.; Massive Increase To Make In India
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 more likely to assemble iPhones.
It was not instantly clear if the newest funding announcement is to cowl these tasks or extra 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.
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Up to date: 27 Nov 2023, 06:46 PM IST
