India Draws Incremental Investment From This Apple Supplier At China's Cost

Author: Anusuya Lahiri | December 08, 2022 12:38pm

Hon Hai Precision Industry Co Ltd (OTC: HNHAF), operating as Foxconn, invested another $500 million in its India business.
Foxconn said its Singapore subsidiary is deploying the capital into the India entity, Hon Hai Technology India Mega Development Private Limited, TechCrunch reports.
Foxconn aimed to expand its chipmaking factories in the South Asian market as it gradually became a key hardware hub for key partner Apple Inc (NASDAQ:AAPL).
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Foxconn accelerated its pace to expand its smartphone production capacity in India as Apple migrated the production of the current generation iPhone units in the country.
Analysts estimate that Apple will turn India into a global iPhone manufacturing hub by 2025 as it slowly cuts its reliance on China.
Foxconn also recently bagged a deal with the Indian state of Gujarat to set up a $20 billion semiconductor and display unit in the coastal state.
Foxconn said it would bring technical expertise to the venture, whereas Vedanta, known for its mining business, will finance the project.
Price Action: AAPL shares traded higher by 1.32% at $148.20 on the last check Thursday.