fHon Hai Precision Industry Co., the maker of iPhones, intends to increase its presence in India by investing another NT$50 billion ($1.6 billion) in development projects.
The announcement, published late Monday in a Taiwanese exchange filing, provided no further specifics, just stating that the investment was for "operational needs." A firm spokeswoman declined to comment on the location or nature of the new facilities.
As tensions between Washington and Beijing escalate, Hon Hai, better known as Foxconn, and other Taiwanese electronics firms continue to diversify their activities outside of China.
Apple Inc. accounts for over half of Foxconn's revenue. For several years, the business has been manufacturing iPhones and other items in India, including the most recent iPhone 15. A Foxconn spokesperson in India stated on LinkedIn in September that the Taiwanese corporation intends to increase its business in the South Asian country.
The Karnataka state government in India announced in August that Foxconn would spend $600 million in two component facilities in the southern Indian state. The government stated at the time that this included a plant that will manufacture mechanical enclosures for iPhones as well as a semiconductor equipment manufacturing plant that will be operated in collaboration with Applied Materials Inc.
These two projects will be built on top of a $700 million complex. Bloomberg News earlier reported that Foxconn plans to develop on a 300-acre (121-hectare) land near the airport in Bengaluru, Karnataka's capital. That facility will almost certainly assemble iPhones. It was unclear whether the latest funding announcement was for those projects or for others.
Foxconn now has nine production sites and more than 30 facilities in India, employing tens of thousands of people and generating around $10 billion in revenue per year.
