Sunday, July 21, 2024
Business

Foxconn boosts India investment

Taiwanese company Hon Hai Precision Industry Co., the manufacturer of iPhones, is set to expand its presence in India with a substantial investment of NT$50 billion ($1.6 billion) dedicated to construction projects. The Karnataka state government had previously disclosed in August that Foxconn, the parent company, intended to invest $600 million in two component factories within the state. This investment encompasses a facility for producing mechanical enclosures for iPhones and a semiconductor equipment manufacturing plant in collaboration with Applied Materials Inc.

In addition to these projects, Foxconn has plans for a $700 million facility on a 300-acre site near the Bengaluru airport in Karnataka, likely focused on iPhone assembly. The current announcement of a further NT$50 billion investment raises questions about whether it will be allocated to these ongoing projects or if it involves additional ventures. Clarification is awaited regarding the specific projects covered by this latest investment announcement.

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