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.
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