Foxconn Injects $144 Million into Indian Subsidiary Amid Rapid Expansion

Foxconn Singapore, a subsidiary of the Taiwanese electronics giant Foxconn, has announced a significant investment in its Indian operations, acquiring 1.203 billion ordinary shares of Foxconn Hon Hai Technology India Mega Development. This move, valued at approximately $144 million, is seen as a strategic effort to bolster the capital of Foxconn's India unit.

The investment coincides with Foxconn Chairman Young Liu's recent visit to India, where he met with Prime Minister Narendra Modi and several state leaders. This capital infusion is part of a broader global strategy by Foxconn, which has also made similar investments in its subsidiaries in the United States, Mexico, and Europe on the same day.

During his visit, Liu emphasized Foxconn's intention to expand beyond its traditional focus on smartphone manufacturing. The company aims to move up the value chain in India, targeting sectors such as information and communication technology (ICT), electric vehicles (EVs), energy, and digital health. "Foxconn is very well known for its vertical integration capabilities. Definitely, we want to move up on the value chain as much as we can in India," Liu stated during the inauguration of the company's industrial housing project in Sriperumbudur.

Liu highlighted Foxconn's plans to diversify its product offerings in India, particularly in sectors like EVs, energy, and digital health, including wearables and home-use medical devices. In the energy sector, Foxconn is particularly interested in developing batteries, aligning with its broader strategy for electric vehicles.