iPhone manufacturer Hon Hai Precision Industry Co., also known as Foxconn, has revealed plans to expand its operations in India with a $1.6 billion investment for construction projects. The company made the announcement in an exchange filing in Taiwan, providing limited details about the investment, which it stated was for “operational needs.” A spokesperson for Foxconn declined to disclose the location or nature of the new facilities.
This move comes as Foxconn and other Taiwanese electronics manufacturers aim to diversify their businesses outside of China amidst growing tensions between the United States and China. Approximately half of Foxconn’s revenue is derived from its business with Apple Inc. The company has been manufacturing iPhones and other products in India for several years, including the recently released iPhone 15. In September, a Foxconn representative in India stated on LinkedIn that the company plans to double its business in the country.
In August, the Karnataka state government announced that Foxconn intended to invest $600 million in two component factories in the southern Indian state. These projects include a plant for producing mechanical enclosures for iPhones and a semiconductor equipment manufacturing plant in collaboration with Applied Materials Inc. Additionally, Bloomberg News previously reported that Foxconn aims to construct a $700 million facility on a 300-acre site near Bengaluru airport, likely for iPhone assembly.
It remains unclear whether the latest investment announcement covers these existing projects or if it pertains to additional ventures.
