iPhone Maker Prepares investment in India
(MENAFN) In a strategic move to reduce exposure to trade-related duties, Foxconn, the renowned Taiwanese electronics giant and principal assembler for Apple, has disclosed plans to inject USD1.5 billion into its operations in India.
This investment was announced through a filing with the London Stock Exchange, highlighting the company’s intent to diversify its manufacturing footprint.
The capital infusion will be made by Foxconn’s branch in Singapore into its Indian affiliate, Yuzhan Technology India.
This unit, located in the southern Indian state of Tamil Nadu, is already engaged in fabricating electronic parts and assembling Apple’s iPhones.
The new investment is expected to reinforce its current capabilities and enhance production output.
Apple Inc. is significantly boosting its activities in India, not only by increasing local manufacturing but also by growing its overall footprint in the country.
Earlier this month, domestic news sources indicated that Apple informed India’s Ministry of Communications of its intention to shift all iPhone assembly operations from China to India.
This transition reflects the growing strain in trade relations between the United States and China.
Apple’s Chief Executive Officer, Tim Cook, reportedly confirmed the company’s manufacturing realignment during a recent earnings briefing.
He stated that “the majority of iPhones sold in the US will have India as their country of origin,” emphasizing India’s emerging role as a key hub in Apple’s global supply chain.
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