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Foxconn unit invests $500 million in India affiliate

Taiwan’s Foxconn, the world’s largest contract electronics maker, mentioned on Thursday that its Singapore unit has acquired 4.08 million shares in Foxconn Hon Hai Know-how India Mega Growth Personal Restricted for $500 million.

The announcement of a $500 million injection into its India unit comes after Reuters reported final month that Apple provider Foxconn plans to quadruple the workforce at its iPhone manufacturing unit in India over two years, with two authorities officers with data of the matter pointing to a manufacturing adjustment because it faces disruptions in China.

Foxconn plans to spice up the workforce at its plant in southern India to 70,000 by including 53,000 extra staff over the subsequent two years, sources had mentioned.

The corporate shared its plans with Tamil Nadu officers about accelerating its hiring efforts on the Indian plant resulting from disruptions in China, in accordance with a authorities supply, whereas an individual in Taiwan with data of the matter mentioned Foxconn was increasing its operations in India to extend its capability for primary fashions and to fulfill Indian demand.

Formally referred to as Hon Hai Precision Trade Co Ltd, Foxconn opened the India plant in 2019 and has been ramping up manufacturing. It started producing the iPhone 14 this yr.

Foxconn, which grabbed headlines in current weeks for imposing powerful COVID-19 restrictions at its Zhengzhou plant in China which resulted in employee unrest, mentioned on Thursday the power has lifted its “closed-loop” administration curbs.

(Reporting by Meg Shen, Twinnie Siu and Rhea Binoy; Modifying by Toby Chopra and David Evans)

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