Foxconn unit invests $500 million in India affiliate
ECONOMY & POLICY

Foxconn unit invests $500 million in India affiliate

Taiwan's Foxconn, the world's largest contract electronics maker, said that its Singapore unit has acquired 4.08 million shares in Foxconn Hon Hai Technology India Mega Development for $500 million.

The announcement of a $500 million injection into its India unit comes after Reuters reported last month that Apple supplier Foxconn plans to quadruple the workforce at its iPhone factory in India over two years, with two government officials with knowledge of the matter pointing to a production adjustment as it faces disruptions in China.

Foxconn plans to boost the workforce at its plant in southern India to 70,000 by adding 53,000 more workers over the next two years. The company shared its plans with Tamil Nadu officials about accelerating its hiring efforts at the Indian plant due to disruptions in China, according to a government source, while a person in Taiwan with knowledge of the matter said Foxconn was expanding its operations in India to increase its capacity for basic models and to meet Indian demand.

Formally called Hon Hai Precision Industry Co, Foxconn opened the India plant in 2019 and has been ramping up production. It began producing the iPhone 14 this year. Foxconn, which grabbed headlines in recent weeks for imposing tough Covid-19 restrictions at its Zhengzhou plant in China which resulted in worker unrest, said the facility has lifted its "closed-loop" management curbs.

Also Read
Surety bonds for highway contractors in the offing
Nitin Gadkari approves NH development initiatives in UP and Chhattis..

Taiwan's Foxconn, the world's largest contract electronics maker, said that its Singapore unit has acquired 4.08 million shares in Foxconn Hon Hai Technology India Mega Development for $500 million. The announcement of a $500 million injection into its India unit comes after Reuters reported last month that Apple supplier Foxconn plans to quadruple the workforce at its iPhone factory in India over two years, with two government officials with knowledge of the matter pointing to a production adjustment as it faces disruptions in China. Foxconn plans to boost the workforce at its plant in southern India to 70,000 by adding 53,000 more workers over the next two years. The company shared its plans with Tamil Nadu officials about accelerating its hiring efforts at the Indian plant due to disruptions in China, according to a government source, while a person in Taiwan with knowledge of the matter said Foxconn was expanding its operations in India to increase its capacity for basic models and to meet Indian demand. Formally called Hon Hai Precision Industry Co, Foxconn opened the India plant in 2019 and has been ramping up production. It began producing the iPhone 14 this year. Foxconn, which grabbed headlines in recent weeks for imposing tough Covid-19 restrictions at its Zhengzhou plant in China which resulted in worker unrest, said the facility has lifted its closed-loop management curbs. Also Read Surety bonds for highway contractors in the offing Nitin Gadkari approves NH development initiatives in UP and Chhattis..

Next Story
Infrastructure Transport

Railway stations in Prayagraj undergo major passenger facility expansion

The Railway Board Chairman and CEO, Satish Kumar, conducted an extensive inspection on Saturday alongside the General Manager of Northern Railway and the officiating General Manager of North Central Railway. Their visit focused on various ongoing projects at multiple stations across the Northern and North Central Railway zones, with particular attention to enhancing facilities for the upcoming Maha Kumbh. During the inspection, Chairman Kumar reviewed the construction of a vital bridge over the River Ganga, specifically between Jhunsi and Prayagraj Rambagh. This bridge is expected to significa..

Next Story
Infrastructure Transport

Madurai-Thoothukudi broad gauge line works under review

The construction of the Madurai-Thoothukudi broad gauge line, which includes the crucial Melmarudur-Tiruparankundram project, is currently under careful review. This update comes from Southern Railway's assistant public information officer, J Kumarasubramanian, following an RTI inquiry made by a concerned citizen, Dayanand Krishnan. The new broad gauge line is projected to cover a total length of 143.5 km, with the initial 18 km stretch between Milavittan and Melmarudur completed and sanctioned by the Commission of Railway Safety on March 8, 2022. While substantial progress has been made on t..

Next Story
Real Estate

DLF expects Rs 26,000 cr from super luxury project in Gurugram

Realty giant DLF is projecting impressive revenue of Rs 26,000 crore from its newly unveiled super-luxury project, The Dahlias, situated in the heart of Gurugram. Ashok Tyagi, the Managing Director of DLF, shared these insights during a recent conference call with market analysts, highlighting the project's potential amidst rising demand for high-end residential properties. The Dahlias project spans an expansive 17 acres and is set to feature approximately 420 ultra-luxury apartments, each boasting a minimum size of 10,300 square feet. This ambitious development has already garnered significan..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000