Team Blitz India
NEW DELHI: IPhone maker Foxconn Hon Hai Precision Industry Co. plans to expand its footprint in India with another$1.6 billion investment for construction projects.
The announcement, made in an exchange filing in Taiwan late on November 27, didn’t give any further details, saying only that the investment was for ‘operational needs.’ A spokesperson for the company declined to say where the new facilities would be or what they would build.
The news comes as Hon Hai, also known as Foxconn, and other Taiwanese electronics manufacturers continue to diversify their businesses outside of China as tensions rise between Washington and Beijing. The company has been making iPhones and other products in India for several years.
About half of Foxconn’s revenue comes from business with Apple Inc. The company has been making iPhones and other products in India for several years, including the latest iPhone 15. In September, a Foxconn representative in India said on LinkedIn that the Taiwanese company plans to double the size of its business in the South Asian country.