TAIPEI, May 20 — Apple supplier Foxconn will invest US$1.5 billion (RM6.44 billion) in its India unit, the company said in a filing, as the iPhone maker shifts more manufacturing out of tariff-hit China.
According to a London Stock Exchange filing, Foxconn's Singapore-based subsidiary will buy 12.77 billion shares worth 10 rupees apiece, amounting to 127.74 billion rupees (US$1.50 billion) in Yuzhan Technology India.
Yuzhan Technology India, Foxconn's unit in Tamil Nadu, manufactures electronic components and also assembles Apple’s iPhones.
Apple is positioning India as an alternative manufacturing base amid United States (US) President Donald Trump's tariffs on China, which have raised supply chain concerns and fears of higher iPhone prices, Reuters reported last month.
In March, Apple ramped up India production, exporting around 600 tons of iPhones worth US$2 billion (RM8.59 billion) to the US.
— Reuters
