IPhone maker Hon Hai Precision Industry Co (鴻海精密) plans to expand its footprint in India with another NT$50 billion (US$1.6 billion) investment for construction projects.
The announcement, made in a Taiwan Stock Exchange filing late yesterday, said the company's subsidiary Foxconn Hon Hai Technology India Mega Development Private Ltd would spend 128.21 billion rupees (US$41.54 billion) to build a new plant to "meet its operational needs."
The filing did not provide any other details. A spokesperson for the company declined to say where the new facilities would be or what they would build.
Photo: EPA
The news comes as Hon Hai, also known as Foxconn Technology Group (富士康科技集團), and other Taiwanese electronics manufacturers continue to diversify their businesses outside of China as tensions rise between Washington and Beijing.
About half of Foxconn’s revenue 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.
According to Hon Hai's annual report, Foxconn Hon Hai Technology India Mega Development Private Ltd was established in November 2015 and registered at an address in Mumbai, Maharashtra state.
Hon Hai said in May that the subsidiary spent 3 billion Indian rupees to purchase a piece of land located in the industrial hub of Bengaluru in the southern Indian state of Karnataka, which borders Maharashtra.
The subsidiary also spent about US$33.27 million to buy production equipment from Apple Operations Ltd, the company said in July.
India’s Karnataka state government in August announced that Foxconn planned to invest US$600 million 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.
Those two projects are on top of a US$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.
It was not immediately clear if the latest investment announcement is to cover those projects or additional ones.
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.
Additional reporting by CNA
This story has been updated since it was first published to add more details about the company's Indian subsidiary.
Semiconductor business between Taiwan and the US is a “win-win” model for both sides given the high level of complementarity, the government said yesterday responding to tariff threats from US President Donald Trump. Home to the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), Taiwan is a key link in the global technology supply chain for companies such as Apple Inc and Nvidia Corp. Trump said on Monday he plans to impose tariffs on imported chips, pharmaceuticals and steel in an effort to get the producers to make them in the US. “Taiwan and the US semiconductor and other technology industries
SMALL AND EFFICIENT: The Chinese AI app’s initial success has spurred worries in the US that its tech giants’ massive AI spending needs re-evaluation, a market strategist said Chinese artificial intelligence (AI) start-up DeepSeek’s (深度求索) eponymous AI assistant rocketed to the top of Apple Inc’s iPhone download charts, stirring doubts in Silicon Valley about the strength of the US’ technological dominance. The app’s underlying AI model is widely seen as competitive with OpenAI and Meta Platforms Inc’s latest. Its claim that it cost much less to train and develop triggered share moves across Asia’s supply chain. Chinese tech firms linked to DeepSeek, such as Iflytek Co (科大訊飛), surged yesterday, while chipmaking tool makers like Advantest Corp slumped on the potential threat to demand for Nvidia Corp’s AI accelerators. US stock
The US Federal Reserve is expected to announce a pause in rate cuts on Wednesday, as policymakers look to continue tackling inflation under close and vocal scrutiny from US President Donald Trump. The Fed cut its key lending rate by a full percentage point in the final four months of last year and indicated it would move more cautiously going forward amid an uptick in inflation away from its long-term target of 2 percent. “I think they will do nothing, and I think they should do nothing,” Federal Reserve Bank of St Louis former president Jim Bullard said. “I think the
SUBSIDIES: The nominee for commerce secretary indicated the Trump administration wants to put its stamp on the plan, but not unravel it entirely US President Donald Trump’s pick to lead the agency in charge of a US$52 billion semiconductor subsidy program declined to give it unqualified support, raising questions about the disbursement of funds to companies like Intel Corp and Taiwan Semiconductor Manufacturing Co (台積電). “I can’t say that I can honor something I haven’t read,” Howard Lutnick, Trump’s nominee for commerce secretary, said of the binding CHIPS and Science Act awards in a confirmation hearing on Wednesday. “To the extent monies have been disbursed, I would commit to rigorously enforcing documents that have been signed by those companies to make sure we get
RSS