Apple iPhone maker Foxconn to invest $1.5 billion in India as it looks to build beyond China

Technology

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A factory at the mobile phone plant of Rising Stars Mobile India, a unit of Foxconn in Tamil Nadu, India, on July 12, 2019.
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Foxconn Technology will invest more than $1.5 billion in an Indian construction project to fulfill the Apple supplier’s “operational needs” the company announced in Taiwanese security filings Monday.

The $1.541 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, according to one of the securities filings and Indian corporate records. A concurrent filing said that the same subsidiary would budget the equivalent amount in Indian rupees for a construction project to fulfill “operational needs.”

Foxconn is a major Apple supplier and has significant operations in mainland China. Foxconn’s factories are a critical part of Apple’s iPhone manufacturing and were hit hard when Covid-19 lockdowns slowed production to a crawl in 2022.

Those lockdowns, alongside general geopolitical tumult, have prompted Apple suppliers like Foxconn to re-assess 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.

No further detail was given in the securities filings, and a Foxconn spokesperson did not immediately return CNBC’s request for comment.

The fresh investment from Foxconn 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.

WATCH: Foxconn faces Chinese government probe on tax, land use

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