Foxconn unit invests $500 million in India affiliate
ECONOMY & POLICY

Foxconn unit invests $500 million in India affiliate

Taiwan's Foxconn, the world's largest contract electronics maker, said that its Singapore unit has acquired 4.08 million shares in Foxconn Hon Hai Technology India Mega Development for $500 million.

The announcement of a $500 million injection into its India unit comes after Reuters reported last month that Apple supplier Foxconn plans to quadruple the workforce at its iPhone factory in India over two years, with two government officials with knowledge of the matter pointing to a production adjustment as it faces disruptions in China.

Foxconn plans to boost the workforce at its plant in southern India to 70,000 by adding 53,000 more workers over the next two years. The company shared its plans with Tamil Nadu officials about accelerating its hiring efforts at the Indian plant due to disruptions in China, according to a government source, while a person in Taiwan with knowledge of the matter said Foxconn was expanding its operations in India to increase its capacity for basic models and to meet Indian demand.

Formally called Hon Hai Precision Industry Co, Foxconn opened the India plant in 2019 and has been ramping up production. It began producing the iPhone 14 this year. Foxconn, which grabbed headlines in recent weeks for imposing tough Covid-19 restrictions at its Zhengzhou plant in China which resulted in worker unrest, said the facility has lifted its "closed-loop" management curbs.

Also Read
Surety bonds for highway contractors in the offing
Nitin Gadkari approves NH development initiatives in UP and Chhattis..

Taiwan's Foxconn, the world's largest contract electronics maker, said that its Singapore unit has acquired 4.08 million shares in Foxconn Hon Hai Technology India Mega Development for $500 million. The announcement of a $500 million injection into its India unit comes after Reuters reported last month that Apple supplier Foxconn plans to quadruple the workforce at its iPhone factory in India over two years, with two government officials with knowledge of the matter pointing to a production adjustment as it faces disruptions in China. Foxconn plans to boost the workforce at its plant in southern India to 70,000 by adding 53,000 more workers over the next two years. The company shared its plans with Tamil Nadu officials about accelerating its hiring efforts at the Indian plant due to disruptions in China, according to a government source, while a person in Taiwan with knowledge of the matter said Foxconn was expanding its operations in India to increase its capacity for basic models and to meet Indian demand. Formally called Hon Hai Precision Industry Co, Foxconn opened the India plant in 2019 and has been ramping up production. It began producing the iPhone 14 this year. Foxconn, which grabbed headlines in recent weeks for imposing tough Covid-19 restrictions at its Zhengzhou plant in China which resulted in worker unrest, said the facility has lifted its closed-loop management curbs. Also Read Surety bonds for highway contractors in the offing Nitin Gadkari approves NH development initiatives in UP and Chhattis..

Next Story
Infrastructure Transport

India’s Maha Kumbh of Road Construction

The RAHSTA Forum 2025, held on June 25 at Courtyard by Marriott, Mumbai, delivered powerful insights and dialogue on the future of India’s roads and highways sector. Organised by the FIRST Construction Council, the Forum served as the curtain-raiser to the much-anticipated RAHSTA Expo 2025, set to take place on 3rd and 4th September at the Jio Convention Centre, Mumbai.Union Minister of Roads Transport & Highways Shri Nitin Gadkari, while appreciating the efforts of FIRST Construction Council and ASAPP Info Global Group, commended the awards which recognise excellence across various..

Next Story
Real Estate

Built to Last, Designed to Impress

The construction and interior design industries stand at the confluence of functionality and aesthetics, where innovation powers the creation of enduring structures and inspiring spaces. At the heart of this process are materials and solutions that enable architects, designers, and builders to realise their visions with precision and reliability.Featuring iconic brands such as Fevicol—synonymous with adhesive solutions—Dr. Fixit, a complete waterproofing system renowned for addressing every critical area of construction, and Roff, a specialist in tile-fixing solutions, Pidilite has earned ..

Next Story
Infrastructure Energy

New Push to Cut India’s Air Pollution through Power Sector Reforms

In a significant stride toward environmental sustainability, Cummins India introduced CPCB IV+ compliant gensets to India on July 5, 2023, marking a paradigm shift in the power generation industry. These generators are engineered to adhere to the progressive emission norms set by the Ministry of Environment, Forest, and Climate Change. Being the first sets in the field, they have garnered praise for their remarkable achievements in emissions reduction and cutting-edge technology. Powerica, with its four-decade-long partnership with Cummins India Limited, is dedicated to consistently deliver th..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?