Sunday, May 22, 2022

Foxconn to open its Chennai plant next week

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According to Reuters, which cited local officials, EMS provider Foxconn has temporarily shut down a manufacturing plant in Chennai, India, due to employee protests over food poisoning and other issues. According to industry sources, Foxconn plans to reopen the plant next Monday.

According to Reuters, more than 400 employees became ill as a result of food poisoning, with 156 of them being hospitalized. According to the Economic Times, Foxconn has been testing the production of the iPhone 13 in India. According to Taiwanese media CNA, the same news surfaced a few months ago, and Foxconn has declined to comment on “rumors.”

According to sources, almost 70% of iPhones produced in India are for local consumption. According to IDC, Apple normally begins manufacturing a new device in India 3-4 months after it is released. Foxconn has expressed interest in the Indian government’s subsidy program for local phone, IT hardware, telecom, and network device manufacture.

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It was started two days ago that the plant, whose workers are on edge owing to a food poisoning incident, would be closed for the week to calm the boiling tensions. The factory would be shut down for the next five days, according to official Tamil Nadu government sources. The Superintendent of Police in Kancheepuram, under whose authority the factory is located, acknowledged this.

In other news, Bharat FIH Ltd, a Foxconn Technology Group company and a subsidiary of FIH Mobiles, filed papers with markets regulator Sebi on Wednesday to raise over 5,000 crores through an initial public offering (IPO).

According to the draught red herring prospectus (DRHP), Bharat FIH’s IPO will include a fresh issue of shares worth up to 2,502 crores and an offer for sale of shares worth up to 2502 crore by promoter group and Foxconn unit Wonderful Stars.

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The proceeds of the new issue will be used to fund the company’s capital expenditure requirements, including campus expansion, investment in its subsidiary, RSHTPL, to support working capital needs, and general corporate purposes.

also read:

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Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.

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