Foxconn, the world’s largest contract electronics manufacturer, announced on Thursday that its Singapore company had paid $500 million for 4.08 million shares in Foxconn Hon Hai Technology India Mega Development Private Limited.
The $500 million investment in 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 the next two years, with two government officials familiar with the matter pointing to a production adjustment as it faces disruptions in China.
Foxconn aims to increase the workforce at its plant in southern India to 70,000 over the next two years, according to sources.
According to a government source, Foxconn shared its plans with Tamil Nadu officials about accelerating its hiring efforts at the Indian plant due to disruptions in China, while a person in Taiwan with knowledge of the matter said Foxconn was expanding its operations in India to increase capacity for basic models and meet Indian demand.
Foxconn, formally known as Hon Hai Precision Industry Co Ltd, launched its India facility in 2019 and has since begun ramping up output. This year, it began manufacturing the iPhone 14.
Foxconn, which made headlines in recent weeks for implementing tight COVID-19 limitations at its Zhengzhou plant in China, resulting in worker dissatisfaction, announced on Thursday that the facility’s “closed-loop” management curbs had been relaxed.
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