Key iPhone Supplier Foxconn Cuts Record Deal To Manufacture Electronics In India, Likely To Create 100K Jobs

Hon Hai Precision Industry Co Ltd HNHPF Foxconn Technology Co Ltd reached a deal to invest in India's southern Telangana state to manufacture electronics.
The financial terms of the deal remained undisclosed.
The deal follows a meeting between Foxconn Chair Young Liu and Telangana chief minister K Chandrasekhar Rao. Liu, who is on a tour of India, also met with Prime Minister Narendra Modi earlier this week.
The Apple Inc AAPL supplier's investment is reportedly the largest in India's electronics sector and will create 100,000 jobs.
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Foxconn eyed diversifying beyond China, where a Covid-19 resurgence disrupted its most giant iPhone plant.
Foxconn is also rapidly diversifying into higher-margin products like electric vehicles and their components.
Modi's flagship local manufacturing drive and financial incentives have led Apple suppliers Foxconn, Wistron Corp WICOF, and Pegatron Corp PGTRF to ramp up in the country.
Price Action: AAPL shares traded higher by 0.27% at $144.92 on the last check Thursday.