iPhone manufacturer Hon Hai Precision Industry Co., also known as Foxconn, is set to expand its presence in India with a substantial investment of $1.6 billion for construction projects, according to a filing on the Taiwan stock exchange. While details about the new facilities or their locations remain undisclosed, the investment is earmarked for "operational needs." Foxconn, alongside other Taiwanese electronics manufacturers, is diversifying outside China amid escalating tensions between Washington and Beijing.
Approximately half of Foxconn's revenue is derived from its collaboration with Apple Inc. The company has been manufacturing iPhones and other products in India for several years, including the recently released iPhone 15. In September, a Foxconn representative in India expressed plans to double the company's business in the South Asian country.
Earlier, the Karnataka state government had announced Foxconn's $600 million investment in two component factories, including one for mechanical enclosures for iPhones and a semiconductor equipment manufacturing plant in collaboration with Applied Materials Inc. Additionally, Foxconn is pursuing a $700 million facility near Bengaluru's airport, likely dedicated to iPhone assembly. It remains unclear whether the recent $1.6 billion investment will cover these existing projects or fund additional initiatives.