+
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
Technology

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?