Foxconn Singapore invests $500 million in Foxconn India

9 Dec 2022 , 09:14 AM

Taiwan’s Foxconn, the world’s largest custom electronics maker, announced Thursday that its Singapore unit has acquired 4.08 million shares of Foxconn Hon Hai Technology India Mega Development Private Limited for $500 million.

The announcement of the $500 million injection into the Indian sector comes after Reuters reported last month that Apple supplier Foxconn plans to quadruple the workforce at its iPhone factories in India over two years.

Foxconn plans to increase the workforce at its South India factory to 70,000 by adding another 53,000 workers over the next two years, reports said.

The company has told officials in Tamil Nadu state that it plans to speed up hiring at its Indian factories due to the disruptions in China, government sources told Reuters. Base model capacity and ability to meet Indian demand.

Foxconn, whose full name is Hon Hai Precision Industry Co Ltd, opened a factory in India in 2019 to expand production. It started producing the iPhone 14 this year.

Foxconn has made headlines in recent weeks for imposing its strict COVID-19 restrictions on its Zhengzhou factory in China, causing worker unrest, but on Thursday the factory lifted ‘closed-loop’ control restrictions.

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