Electronics manufacturing giant Foxconn has significantly bolstered its commitment to India’s burgeoning tech sector with a fresh $37.2 million investment in its primary Indian subsidiary, further solidifying its role in domestic iPhone production.
Photograph: Quinn Glabicki/Reuters
Key Points
- Foxconn has invested $37.2 million (Rs 351 crore) in its Indian arm, Foxconn Hon Hai Technology India Mega Development Private Limited.
- This latest infusion increases Foxconn Singapore’s stake in the Chennai-based subsidiary to 99.99 per cent.
- The subsidiary, valued at $2.82 billion, is a key player in iPhone manufacturing in India.
- Foxconn previously invested $1.48 billion in its Tamil Nadu-based Yuzhan Technology last year.
- Foxconn, alongside Tata Electronics and Pegatron India, is actively involved in producing iPhones within India.
Electronics manufacturing giant Foxconn has infused $37.2 million, or around Rs 351 crore, in its India arm Foxconn Hon Hai Technology India Mega Development Private Limited, said a regulatory filing.
Foxconn has infused the fund through its Singapore-based subsidiary.
With the latest transaction, Foxconn Singapore’s cumulative stake in the Chennai-based subsidiary has increased to 99.99 per cent at a valuation of $2.82 billion or about Rs 26,600 crore.
Foxconn’s Growing Presence In India
“Subsidiary, Foxconn Singapore Pte Ltd, obtaining Foxconn Hon Hai Technology India Mega Development Private Limited Shares…total transaction amount: $37.2 million,” the filing dated June 25 said.
In this transaction, Foxconn Singapore has purchased 35.17 crore shares in Foxconn Hon Hai Technology India Mega Development Private Limited, where it makes the majority of iPhones.
Foxconn had last year invested $1.48 billion (around Rs 12,800 crore) in its Tamil Nadu based Yuzhan Technology.
Foxconn, Tata Electronics and Pegatron India (majorly owned by Tata Electronics) are engaged in manufacturing iPhones in India.
