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IPhone maker Hon Hai Precision Industry Co. plans to expand its footprint in India with another NT$50 billion ($1.6 billion) investment for construction projects.<\/p>\n<\/p><\/div>\n
The announcement, made in an exchange filing in Taiwan late Monday, didn\u2019t give any further details, saying only that the investment was for \u201coperational needs.” A spokesperson for the company declined to say where the new facilities would be or what they would build.\u00a0<\/p>\n
The news comes as Hon Hai, also known as Foxconn, and other Taiwanese electronics manufacturers continue to diversify their businesses outside of China<\/a> as tensions rise between Washington and Beijing.<\/p>\n Also Read: ‘Season of hot sales’: Apple supplier Foxconn logs surprise jump in Q3 profit. Details here<\/a><\/p>\n About half of Foxconn\u2019s revenue<\/a> comes from business with Apple Inc. The company has been making iPhones and other products in India for several years, including the latest iPhone 15. In September, a Foxconn representative in India said on LinkedIn that the Taiwanese company plans to double the size of its business in the South Asian country.<\/p>\n India\u2019s Karnataka state government in August announced that Foxconn planned to invest $600 million<\/a> on two component factories in the southern Indian state. That 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.<\/p>\n Watch: Foxconn To Setup An EV Factory In T.N.; Big Boost To Make In India<\/a><\/p>\n Those two projects are on top of a $700 million facility Foxconn aims to build on a 300-acre (121 hectares) site close to the airport in Bengaluru, the capital of Karnataka, Bloomberg News previously reported. That plant is likely to assemble iPhones.<\/p>\n It was not immediately clear if the latest investment announcement is to cover those projects or additional ones.<\/p>\n Foxconn already operates nine production campuses and more than 30 factories employing tens of thousands of people in India, where it takes in around $10 billion of revenue annually.<\/p>\n \t<\/p>\n Milestone Alert!<\/strong>Livemint tops charts as the fastest growing news website in the world \ud83c\udf0f<\/span> Click here<\/strong><\/a> to know more.<\/p>\n