- Hon Hai Precision Industry Co Ltd (OTC:HNHPF) Foxconn Technology Co Ltd reached a deal to invest in India’s southern Telangana state to manufacture electronics.
- The financial terms of the deal remained undisclosed.
- The deal follows a meeting between Foxconn Chair Young Liu and Telangana chief minister K Chandrasekhar Rao. Liu, who is on a tour of India, also met with Prime Minister Narendra Modi earlier this week.
- The Apple Inc (NASDAQ:AAPL) supplier’s investment is reportedly the largest in India’s electronics sector and will create 100,000 jobs.
- Also Read: Apple’s Chinese Suppliers Sped To Migrate Production Beyond Country, Vietnam And India Key Beneficiaries
- Foxconn eyed diversifying beyond China, where a Covid-19 resurgence disrupted its most giant iPhone plant.
- Foxconn is also rapidly diversifying into higher-margin products like electric vehicles and their components.
- Modi’s flagship local manufacturing drive and financial incentives have led Apple suppliers Foxconn, Wistron Corp (OTC: WICOF), and Pegatron Corp (OTC: PGTRF) to ramp up in the country.
- Price Action: AAPL shares traded higher by 0.27% at $144.92 on the last check Thursday.
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