ENA Sectors 2023-11-28 16:15:46 <p><span style="font-size:14px"><strong>New Delhi, Nov 28 (KNN)</strong> Foxconn's Hon Hai Technology on Monday announced investment of USD 1.6 billion to build factory in India. </span></p> <p><span style="font-size:14px">The Taiwan-based electronics maker is a prominent Apple supplier and has said its unit Foxconn Singapore obtained 12.83 billion shares of Foxconn Hon Hai Technology India Mega Development for USD 1.54 billion. </span></p> <p><span style="font-size:14px">The company, which announced the investment plan in a stock exchange filing in Taiwan, did not provide any further details. The company's Chairman Liu Young-way had also said in an earnings briefing in August he sees a lot of potential in India, adding that several billion dollars in investment is only a beginning.</span></p> <p><span style="font-size:14px">It did not provide any other details, but analysts believed that the company, a major assembler of Apple's iPhones, will use the funds to expand its iPhone production in India by building a plant on its own land in line with the China plus one strategy.</span></p> <p><span style="font-size:14px">The strategy focuses on avoiding investing only in China and diversifying production capacity to other countries amid trade friction between Washington and Beijing.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 35683 https://knnindia.co.in/news/newsdetails/sectors/apple-supplier-foxconn-to-invest-16-bn-for-new-plant-in-india 2023-11-28 16:15:46 knnindia.co.in