Foxconn to boost India focus with $1.5 bn bet

Key iPhone maker Foxconn is making a $1.5 billion investment to expand its focus on India as Apple looks to mitigate geopolitical and tariff risks by shifting production away from China.

- AFP

MUMBAI:

The Taiwanese tech giant said its Singapore-based subsidiary had picked up 12.7 billion shares in its India unit, resulting in an injection of about $1.5 billion.

The India unit, known as Yuzhan Technology India, makes components for smartphones in the southern state of Tamil Nadu, according to local media reports.

No other details regarding the investment were offered in a filing with the Taiwan stock exchange on Monday.

India has sought to position itself as an alternative manufacturing base to China.