Foxconn Boosts India's Manufacturing Might with $1.5 Billion Investment
Foxconn invests $1.5 billion in its India unit, diversifying Apple's manufacturing away from China. This move follows production incentives and aims to bolster India's position as a reliable global manufacturing hub.
- Country:
- India
In a strategic move to diversify Apple's manufacturing operations, Foxconn has announced a significant investment of USD 1.5 billion in its Indian subsidiary. This development aligns with Apple's ongoing shift from tariff-encumbered China, underscored by a recent company filing reported by Reuters.
Under the investment plan, Foxconn's Singapore-based arm will acquire 12.77 billion shares at 10 rupees each, totaling 127.74 billion rupees (USD 1.5 billion) in Yuzhan Technology India. Located in Tamil Nadu, Yuzhan Technology is integral to assembling Apple's iPhones and producing electronic components.
The move comes as Apple seeks to mitigate supply chain concerns associated with US tariffs on China, a strategy emphasized by a previous Reuters report. With the launch of production incentive schemes by the Indian government, including in electronics, India is poised as a viable alternative manufacturing hub amid global supply chain disruptions and geopolitical tensions.
(With inputs from agencies.)
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