TAIPEI – Foxconn will invest more than $1.5 billion in an Indian construction project to fulfill its “operational needs,” the company announced in Taiwanese security filings.

The $1.54 billion investment was made through a Foxconn subsidiary, Hon Hai Technology India Mega Development, which has been registered in India’s Maharashtra state since 2015. A concurrent filing said the same subsidiary would budget the equivalent amount in Indian rupees for a construction project to fulfill “operational needs.” The company did not disclose any additional information about the project.

Foxconn’s factories are a critical part of Apple’s iPhone manufacturing and were hit hard when Covid-19 lockdowns in China slowed production to a crawl in 2022. Those lockdowns, alongside general geopolitical tumult, have prompted Apple suppliers such as Foxconn to reassess their concentrated presence in China. Foxconn has already announced multiple projects inside India, including a $600 million project in Karnataka state and a $500 million factory in Telangana state.

The fresh investment comes a few months after Foxconn pulled out of a $19.5 billion chipmaking joint venture in India by “mutual agreement,” the company said at the time. Foxconn added it remained “confident” about India’s semiconductor industry ambitions.

• Prev
• Next