India Draws Incremental Investment From This Apple Supplier At China's Cost

India Draws Incremental Investment From This Apple Supplier At China's Cost
  • Hon Hai Precision Industry Co Ltd HNHAF, operating as Foxconn, invested another $500 million in its India business.
  • Foxconn said its Singapore subsidiary is deploying the capital into the India entity, Hon Hai Technology India Mega Development Private Limited, TechCrunch reports.
  • Foxconn aimed to expand its chipmaking factories in the South Asian market as it gradually became a key hardware hub for key partner Apple Inc AAPL.
  • Also Read: Alibaba And Other Chinese Stocks Decline Premarket On Weak Macro Data, Dismal Projection From Analysts
  • Foxconn accelerated its pace to expand its smartphone production capacity in India as Apple migrated the production of the current generation iPhone units in the country.
  • Analysts estimate that Apple will turn India into a global iPhone manufacturing hub by 2025 as it slowly cuts its reliance on China.
  • Foxconn also recently bagged a deal with the Indian state of Gujarat to set up a $20 billion semiconductor and display unit in the coastal state.
  • Foxconn said it would bring technical expertise to the venture, whereas Vedanta, known for its mining business, will finance the project.
  • Price Action: AAPL shares traded higher by 1.32% at $148.20 on the last check Thursday.

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