Apple Supplier Foxconn To Invest $1.6 Bn For New Plant In India
Date
11/28/2023 2:20:49 PM
(MENAFN- KNN India) New Delhi, Nov 28 (KNN) Foxconn's Hon Hai technology on Monday announced investment of USD 1.6 billion to build factory in India.
The Taiwan-based Electronics maker is a prominent Apple supplier and has said its unit Foxconn Singapore obtained 12.83 billion shares of Foxconn Hon Hai Technology India Mega Development for USD 1.54 billion.
The company, which announced the investment plan in a stock exchange filing in Taiwan, did not provide any further details.
The company's Chairman Liu Young-way had also said in an earnings briefing in August he sees a lot of potential in India, adding that“several billion dollars in investment is only a beginning”.
It did not provide any other details, but analysts believed that the company, a major assembler of Apple's iPhones, will use the funds to expand its iPhone production in India by building a plant on its own land in line with the“China plus one” strategy.
The strategy focuses on avoiding investing only in China and diversifying production capacity to other countries amid trade friction between Washington and Beijing.
(KNN Bureau)
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