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

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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.

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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.

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