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The $1.541 billion funding was made by way of a Foxconn subsidiary, Hon Hai Expertise India Mega Improvement, which has been registered in India’s Maharashtra state since 2015, based on one of many securities filings and Indian company data. A concurrent submitting mentioned the identical subsidiary would funds the equal quantity in Indian rupees for a building undertaking to meet “operational wants.”
Foxconn is a significant Apple provider and has important operations in mainland China. Foxconn’s factories are a vital a part of Apple’s iPhone manufacturing and had been hit arduous when Covid-19 lockdowns slowed manufacturing to a crawl in 2022.
These lockdowns, alongside common geopolitical tumult, have prompted Apple suppliers corresponding to Foxconn to reassess their concentrated presence in China. Foxconn has already introduced a number of initiatives inside India, together with a $600 million undertaking in Karnataka state and a $500 million manufacturing facility in Telangana state.
No additional element was given within the securities filings, and a Foxconn spokesperson didn’t instantly reply to CNBC’s request for remark.
The recent funding comes a number of months after Foxconn pulled out of a $19.5 billion chipmaking three way partnership in India by “mutual settlement,” the corporate mentioned on the time. Foxconn added it remained “assured” about India’s semiconductor trade ambitions.
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