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Home Technology

The iPhone assembler Foxconn Technology invests $213.5 million in Indian unit

by Dayana Antony
January 26, 2019
in Gadgets, Technology
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The iPhone assembler Foxconn Technology invests $213.5 million in Indian unit
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World’s biggest iPhone assembler Foxconn Technology Group or Hon Hai Precisions Ltd.invested $213.5 million in Indian unit.

Thus,99.9% of Indian iPhone assembling is now undertaken by Hon Hai.For the “long-term investment,” they are paying $16.5 million to Fuhua Co. Ltd. for the right to use 250,000 square meters of land in an industrial park in Vietnam’s northeastern Bac Giang Province for operations and sales.

While Hon Hai did not revealed the move was related to orders for Apple Inc., in a separate filing the Taiwanese manufacturer said it was selling on the Vietnamese land rights to a unit of Hong Kong-listed FIT Hon Teng, an iPhone cable and connector maker Foxconn controls.

The manufacturers have repeatedly said they have existing operations in overseas locations where they can further transfer production if needed.

Tags: FoxconnIndiaiPhone assemblers
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