Foxconn Interconnect Technology (FIT), a subsidiary of Foxconn Group, announced a capital injection to its Indian subsidiary, as Foxconn Group has been scaling up its Indian investments in mobile phones, semiconductors, and EV manufacturing.
Foxconn Representative in India V Lee said in a LinkedIn post that the board of directors of FIT announced its approval of the company's proposal to make a capital injection of US$500 million to FIT Singapore, which proposed to make a capital injection of US$400 million to Chang Yi Interconnect Technology (India) Private Limited, which FIT Singapore holds as to 99.99% of the capital stock.
Telangana IT and Industries Minister KT Rama Rao said that the state's relationship with Foxconn Group remains steadfast as both parties continue to fulfill their commitments. With a total investment of US$550 million, the FIT project is on track to deliver on its promises, another evidence of Telangana's development speed.
Foxconn and Telangana signed an MoU in March during Foxconn Group chairman Young Liu's visit to India. Foxconn acquired 186 acres of land in the state in April and broke ground for an electronics manufacturing facility. The manufacturing facility is reportedly to produce AirPods for Apple.
Additionally, Foxconn Group has signed two Letters of Intent with Tamil Nadu and Karnataka, with the Karnataka facility reportedly expected to make iPhones and the Tamil Nadu facility aimed at producing electronic components. Indian media reported that Foxconn might announce another chipmaking project in Gujarat in the next one or two months.
Besides mobile phones, components, and semiconductors, Foxconn is eyeing to build India as one of its EV manufacturing hubs along with Ohio and Thailand. Business Standard reported that Foxconn has been discussing with Telangana and Tamil Nadu for EV plants, with decisions expected to be announced soon. Foxconn's Indian subsidiary Bharat FIH is making electric two-wheeler components for Ather Energy and Ola Electric.
Foxconn's investments in India | |||
Location | Entity | Status | Product |
Tamil Nadu(Chennai) | Foxconn | Operating | iPhones |
Andhra Pradesh(Sri City) | Foxconn (Bharat FIH) | Operating | Android smartphones, TVs |
Tamil Nadu (Sriperumbudur) | Foxconn (Bharat FIH) | Operating | Android smartphones |
Telangana (Kongara Kalan) | Foxconn (FIT) | In construction | Reportedly AirPods |
Karnataka (Devanahalli Taluk) | Foxconn | Land acquired | Reportedly iPhones |
Karnataka (to be determined) | Foxconn | LoI signed | iPhone enclosures and semiconductor equipment |
Tamil Nadu (Kancheepuram) | Foxconn | LoI signed | Electronic components |
Gujarat | Foxconn | Reportedly to be announced by 3Q | |
Source: DIGITIMES Asia, August 2023
