iPhone maker Hon Hai Precision Industry Co or Foxconn mulls to grow its
footprint in Bharat with another NT$50 billion ($1.6 billion) investment for
construction projects.
Without divulging any further details during an exchange filing in Taiwan,
said the investment was for “operational needs.”
A spokesperson for the company refused to say where the new facilities
would be or what they would construct.
Amid escalating tensions between Washington and Beijing, Foxconn and
other Taiwanese electronics manufacturers continue to diversify their
businesses outside of China.
Foxconn earns nearly half of its revenue from business with Apple Inc.
The company has been making iPhones and other products in India for many years,
including the latest iPhone 15.
The Taiwanese company plans to double the size of its business in the
South Asian country, said a Foxconn representative in India on LinkedIn in
September.
The Karnataka Government in August announced that Foxconn planned to
invest $600 million on two component factories in the Southern Indian State.
It included a plant that will make mechanical enclosures for iPhones and
a semiconductor equipment manufacturing plant it will operate with Applied
Materials Inc, the government said at the time.
Those two projects are on top of a $700 million facility Foxconn aims to
build on a 300-acre site near the airport in Karnataka’s capital Bengaluru.
That plant is expected to assemble iPhones.
Foxconn already operates nine production campuses and above 30 factories
employing tens of thousands of people in India, where it takes in around $10
billion of revenue annually.
NE Watch Desk With Bloomberg Inputs
