The iPhone manufacturer, Hon Hai Precision Industry Co., is set to broaden its presence in India with a new investment of NT$50 billion ($1.6 billion) for construction projects.
While the announcement lacked specific details, stating the investment was for “operational needs,” it signifies the ongoing diversification efforts by Taiwanese electronics manufacturers like Foxconn amid escalating tensions between the U.S. and China.
With approximately half of Foxconn’s revenue stemming from Apple Inc. collaborations, the company has been expanding its operations in India, aiming to double its business size in the country. Recent projects include a $600 million investment in two component factories in Karnataka and a $700 million facility near Bengaluru for iPhone assembly.
The latest investment’s exact purpose remains undisclosed, encompassing potential new projects or covering existing ones.
Foxconn already operates extensively in India, with nine production campuses and over 30 factories generating around $10 billion in annual revenue.
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