Foxconn Technology, the iPhone maker based in Taiwan, plans to invest more than $1.5 billion in the expansion of its operations in India.
The move, done through subsidiary Hon Hai Technology India Mega Development, was done to meet the Apple Inc (NASDAQ:AAPL) supplier’s“operational needs,” the company said in a statement.
Foxconn currently has operations in mainland China, and its plants are a major component of Apple iPhone manufacturing.
Those operations took a significant hit due to lockdowns during the Covid-19 pandemic, which led the company to expand its presence outside of China, according to reports. Foxconn has previously announced multiple projects in India, including a $600 million project in Karnataka state and a $500 million plant in Telangana state.
Notably, Foxconn also withdrew from a semiconductor joint venture in the country worth $19.5 billion, citing “mutual agreement.”
Shares of Foxconn fell 3.3% in Shanghai on Monday.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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