Foxconn that manufactures iPhones seeks to invest $1.6 billion in India
The company that makes iPhones, Hon Hai Precision Industry Co., intends to invest an additional NT$50 billion ($1.6 billion) in building projects in India.
The announcement, which was made late on Monday in a Taiwanese exchange filing, only stated that the investment was for "operational needs" and provided no other information. The location and type of the new facilities were not disclosed by a company representative.
The announcement and the efforts of Hon Hai, better known as Foxconn, and other Taiwanese electronics manufacturers to grow their businesses outside of China coincide with rising tensions between Beijing and Washington.
Approximately 50% of Foxconn's revenue comes from its business with Apple Inc
Business with Apple Inc. accounts for about half of Foxconn's revenue. For a number of years, the company has been producing iPhones and other goods in India, including the most recent iPhone 15. A Foxconn representative in India stated on LinkedIn in September that the Taiwanese company intends to double the size of its operations in the nation of South Asia.
Foxconn intended to invest $600 million
August saw the announcement by the Karnataka state government in India that Foxconn intended to invest $600 million in two-component factories located in the state's southern region. The government stated at the time that this included a plant it would run in partnership with Applied Materials Inc. to manufacture semiconductor equipment and a plant that would create mechanical enclosures for iPhones.
Foxconn intends to construct on a 300-acres plot of land in Bengaluru
These two initiatives are situated atop a $700 million building. As previously reported by Bloomberg News, Foxconn intends to construct on a 300-acre (121 hectare) plot of land near the airport in Bengaluru, the state capital of Karnataka. It's likely that plant assembles iPhones.
It wasn't immediately apparent if those projects or other ones were covered by the most recent investment announcement.
Also read: Apple seeks assembling the iPhone 17 in India
Foxconn already generates about $10 billion in revenue annually from its nine production campuses and more than thirty factories in India, where it employs tens of thousands of people.
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