Hon Hai Precision Industry Co., the company that manufactures iPhones, is planning to invest another NT$50 billion (USD 1.6 billion) in construction projects in India to expand its footprint in the country.
The company made the announcement in an exchange filing in Taiwan on Monday, stating that the investment will be for operational needs, without providing any further details.
This move comes as Hon Hai, also known as Foxconn, and other Taiwanese electronics manufacturers are looking to diversify their businesses outside of China due to rising tensions between Washington and Beijing.
Furthermore, almost half of Foxconn’s revenue comes from business with Apple Inc., the company has been producing iPhones and other products in India for several years, including the latest iPhone 15.
In September, a Foxconn representative in India stated on social media that the company plans to double the size of its business in the country.
The government of India’s Karnataka state announced in August, that Foxconn planned to invest USD 600 million in two component factories in the southern Indian state, including a plant that will manufacture mechanical enclosures for iPhones and a semiconductor equipment manufacturing plant, which it will operate with Applied Materials Inc.
Additionally, Foxconn also aims to build a USD 700 million facility on a 300-acre site close to the airport in Bengaluru, the capital of Karnataka, which is likely to assemble iPhones.
However, it is unclear whether the latest investment announcement is intended to cover these projects or additional ones. Foxconn already operates nine production campuses and over 30 factories, employing tens of thousands of people in India, where it earns approximately USD 10 billion in revenue annually.
