Foxconn's $2.2 Billion Investment Boost in India and US

Foxconn, the Taiwanese electronics giant also known as Hon Hai Precision Industry Co., has secured government approval for a significant investment worth over USD 2.2 billion in India and the United States, according to Focus Taiwan news. This approval was granted by Taiwan's Ministry of Economic Affairs.

Of the total investment, approximately USD 1.49 billion is allocated to Foxconn's Singapore subsidiary. This amount will be used to fund investments in Yuzhan Technology (India) Private Ltd., which is another Foxconn subsidiary. The investment aims to establish a new factory in India for producing iPhones and their components, a strategic move amid ongoing trade tensions between China and the United States.

Furthermore, Foxconn has been given the green light to invest USD 735 million to initiate Project ETA (DE) LLC in the US. This company will focus on manufacturing equipment for data centers and assembling servers. Foxconn's global expansion is evident as it increases its footprint in nations including the US, India, Mexico, Vietnam, and various regions across Europe.

The company currently manages 223 facilities worldwide, with 54 in the Americas, 12 in Europe, and 12 in India. Besides Foxconn's ventures, other companies such as Cathay United Bank and AUO Mobility Solution Corp. have also gained investment approvals. Cathay United Bank plans a USD 160 million investment in its Ho Chi Minh City branch, while AUO Mobility Solution Corp. has earmarked USD 20 million for its Xiamen branch in China.

Additionally, Hong Kong's Royal Seal Holding Co. received approval to invest around USD 3.29 million in its Taiwan operation focused on cancer treatment, supported by Cowealth Medical Holding Co., a significant shareholder in Royal Seal.

(With inputs from agencies.)