India News | Foxconn Invests USD 1.48 Billion in India Unit
Get latest articles and stories on India at LatestLY. Apple vendor Foxconn has invested USD 1.48 billion or about Rs 12,800 crore in its India unit in the last five days, the company said in a regulatory note.
New Delhi, May 19 (PTI) Apple vendor Foxconn has invested USD 1.48 billion or about Rs 12,800 crore in its India unit in the last five days, the company said in a regulatory note.
Foxconn has made an investment in its Tamil Nadu unit, Yuzhan Technology (India) Private Limited, through its Singapore-based arm.
Under this transaction, Foxconn Singapore Pte has acquired 9,999 shares at a value of Rs 10 per share at a premium of Yuzhan Technology leading to a total transaction amount of USD 1.489 billion.
The investment has been made between May 14 to May 19.
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The investment comes amid Apple's plans to enhance the production of iPhones in India.
Apple CEO Tim Cook has announced that Apple will source the majority of iPhones sold in the US from India in the June quarter while China will produce the vast majority of the devices for other markets amid uncertainty over tax tariffs.
An analysis by S&P Global said that iPhone sales in the US were 75.9 million units in 2024, with exports in March from India at 3.1 million units, suggesting a need to double shipments either through new capacity or redirecting shipments bound for the domestic market.
According to sources, Apple had plans to produce around 60 million or 6 crore iPhones in India this fiscal. Government representatives have said 15 per cent of iPhone's global output comes from India at present.
Foxconn, Tata Electronics and Pegatron India (majorly owned by Tata Electronics) are engaged in manufacturing iPhones.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)