Foxconn to spend USD200m on Snapdeal
(MENAFN) Taiwan electronics giant Foxconn, in an effort to benefit from a large potential market, plans to invest USD200 million in prime Indian online marketplace Snapdeal.
Foxconn's subsidiary in Singapore Wonderful Stars will obtain a 4.27 percent stake in Snapdeal, plus Foxconn signed another deal earlier with the Indian state of Maharashtra to build a USD5 billion new plant.
Foxconn didn't make the decision to construct a facility in India until it was sure this would help cut labor costs and boost sales of iPhones in a country that boasts 952 million mobile connections.
The company, which is the main parts supplier for Apple, is the world's largest computer components manufacturer, and has production facilities in more than 10 countries, including Vietnam, Brazil and Mexico.
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