Foxconn's Hon Hai announces $1.6-bn factory investment in India

Taiwan-based Foxconn's Hon Hai Technology on Monday announced investment of $1.6 billion to build factory in India. 

Foxconn, a prominent Apple supplier, said its unit Foxconn Singapore obtained 12.83 billion shares of Foxconn Hon Hai Technology India Mega Development for $1.54 billion. 

The company, which announced the investment plan in a stock exchange filing in Taiwan, did not provide any further details. 

The company's Chairman Liu Young-way had also said in an earnings briefing in August he sees a lot of potential in India, adding that "several billion dollars in investment is only a beginning".

In September, Business Today reported that Foxconn has set ambitious plans to bolster its presence in India. The world's largest contract manufacturer of electronics intends to double its workforce and investment in the country within the next year. This strategic move is part of Foxconn's broader efforts to diversify its manufacturing operations away from China. 

Foxconn already operates a substantial iPhone manufacturing facility in Tamil Nadu, employing thousands. Additionally, Karnataka's recent announcement of Foxconn's $600 million investment further underscores the company's commitment to India's burgeoning technology and manufacturing sectors, it had said.