Foxconn Singapore Buys 1.2 Billion Shares in India Subsidiary Expansion

28 Aug, 2024

Foxconn Singapore Buys 1.2 Billion Shares in India Subsidiary Expansion

Foxconn Singapore has acquired 1.203 billion shares from its Indian subsidiary, Foxconn Hon Hai Technology India Mega Development Private Ltd, for around $144 million, supporting its expansion plans in India. This acquisition follows a meeting between Foxconn’s chairman and CEO, Young Liu, and Prime Minister Narendra Modi, where they discussed the electronics manufacturer's investment strategies in the country.

Foxconn is looking to move beyond smartphone production, focusing on sectors like information and communication technology (ICT), electric vehicles (EV), energy, and digital health as part of its next growth phase in India. The company has already invested $10 billion in India and plans to further increase its investment in the coming year.

Foxconn is reportedly planning to set up assembly infrastructure for iPads at its Tamil Nadu facility and considering the production of AI servers in India. The company has also announced significant investments in Karnataka, including a $1.67 billion investment to enhance iPhone manufacturing and a separate investment expected to create over 100,000 jobs in the next decade.

However, Foxconn has recently faced allegations of discriminatory hiring practices, particularly excluding married women from jobs at its iPhone assembly plant in India, prompting an investigation by the National Human Rights Commission (NHRC).