iPhone maker Foxconn Aims for Significant Expansion in India with a $1.6 Billion Investment

Date:

The iPhone manufacturer, Hon Hai Precision Industry Co., is set to broaden its presence in India with a new investment of NT$50 billion ($1.6 billion) for construction projects.

While the announcement lacked specific details, stating the investment was for “operational needs,” it signifies the ongoing diversification efforts by Taiwanese electronics manufacturers like Foxconn amid escalating tensions between the U.S. and China.

With approximately half of Foxconn’s revenue stemming from Apple Inc. collaborations, the company has been expanding its operations in India, aiming to double its business size in the country. Recent projects include a $600 million investment in two component factories in Karnataka and a $700 million facility near Bengaluru for iPhone assembly.

The latest investment’s exact purpose remains undisclosed, encompassing potential new projects or covering existing ones.

Foxconn already operates extensively in India, with nine production campuses and over 30 factories generating around $10 billion in annual revenue.

Exciting news! Storify News is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest news! Click here!

Disclaimer: (This story, title and image has not been edited by StorifyNews staff and is published content from other Source)

Piyush Banerjee
Piyush Banerjeehttps://www.storifynews.com/
Piyush Banerjee is an author and a passionate connoisseur of the world of media. With an appetite for knowledge and an insatiable curiosity, Piyush's writing delves into Films, Technology, and Global Affairs. Piyush has an innate love for storytelling, and has a fiction novel available on Amazon. He has been interested in Storify News for several years and is excited to make news more accessible and interesting to consume.

Share post:

Subscribe US

New York
broken clouds
4.5 ° C
5.7 °
2.6 °
72 %
5.1kmh
75 %
Sat
4 °
Sun
3 °
Mon
12 °
Tue
11 °
Wed
14 °

Popular

More like this
Related

Google Announced a deal with Reddit to Gain access to its Content Reportedly worth $60M annually

Google has struck a deal with Reddit, investing $60...

Will Organic Search Traffic Fall 25% by 2026 Due to AI Chatbots and Other Virtual Agents?

By 2026, Gartner, Inc. predicts a 25% decrease in...

Neuralink’s First Human Patient able to Control Mouse Through Thinking, Musk says

On February 20, Elon Musk, the founder of Neuralink,...

Advice on Financial Security for People Who Care About Innovation

In today's fast-paced and highly competitive business environment, innovation...