Connect with us

Hi, what are you looking for?

News

Taiwan’s Foxconn plans to invest $1.54 bn more in India

Taiwanese tech giant and key Apple supplier Foxconn is planning an additional $1.54 billion investment in India for “operational needs.”

Taiwanese tech giant Foxconn employs hundreds of thousands of Chinese workers who assemble iPhones and other high-end electronics - Copyright AFP/File STR
Taiwanese tech giant Foxconn employs hundreds of thousands of Chinese workers who assemble iPhones and other high-end electronics - Copyright AFP/File STR

Taiwanese tech giant and key Apple supplier Foxconn is planning an additional $1.54 billion investment in India for “operational needs”, as it seeks to diversify production away from China.

The firm — also known by its official name Hon Hai Precision Industry — is the world’s biggest contract electronics manufacturer and assembles devices for many companies, most notably Apple’s iPhones.

The company said in a filing to Taiwan Stock Exchange late Monday that its Indian subsidiary plans to spend around $128 billion rupees on “engaging others to build on owned land” for “operational needs”.

The statement did not provide any details, only saying “a supplemental announcement will be made after the transaction is confirmed”.

Foxconn operates in more than two dozen countries but the bulk of its operations is based in China — a dependence it is looking to reduce after production was impacted by three years of strict Covid policies, a bout of industrial unrest and diplomatic tensions with the United States.

Chairman Young Liu had said during an earnings call in August that the company saw the potential to invest “several billion dollars” in India.

Foxconn in May announced the purchase of a huge tract of land on the outskirts of Indian tech hub Bengaluru for $37 million.

It currently operates about nine production campuses and has more than 30 factories in India, according to Liu.

The company is planning to expand its India operations to “critical components” for consumer electronics and electric vehicles to boost its competitiveness, he said.

AFP
Written By

With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.

You may also like:

Tech & Science

Quantinuum has made a number of important quantum computing advances over the past several years.

World

Since the height of the opioid crisis in 2021, the outlook has improved in much of the country, including in Baltimore. 

News

If June 14 2025 is any indication of the way the scales are tipping in America, look forward to 2026.

Tech & Science

ChatGPT-maker OpenAI has enlisted the legendary designer behind the iPhone to create an irresistible gadget for using generative AI.