Foxconn to invest $1.5 billion in India

Apple supplier Foxconn said it plans to invest more than $1.5 billion in India to meet “operational needs.” Foxconn Technology said it will invest more than $1.5 billion in a construction project in India to meet “operational needs.” The $1.541 billion investment was made through Foxconn’s subsidiary Hon Hai Technology India Mega Development, which has been registered in the Indian state of Maharashtra since 2015, according to a securities filing and an Indian corporate filing. A simultaneous filing said the subsidiary would set aside an equivalent amount in Indian rupees for a construction project to meet “operational needs.” Foxconn is a major Apple supplier and has significant operations in mainland China. Foxconn’s factories account for a critical part of Apple’s iPhone production and were hit hard when COVID-19 lockdowns ground production to a halt in 2022. These lockdowns, along with the general geopolitical turmoil, have prompted Apple suppliers like Foxconn to reassess their heavy presence in China. The new investment comes just months after Foxconn withdrew from a $19.5 billion chipmaking joint venture in India by “mutual agreement.” Foxconn added that it remains “confident” in India’s semiconductor industry ambitions.