Foxconn Steps Up India Push With $37 Mn Investment in Local Unit

Foxconn, the world’s largest contract electronics manufacturer and key supplier to Apple, has increased its investment in its India arm through its Singapore-based subsidiary. According to a stock exchange filing, Foxconn Singapore acquired around 351.73 million shares in Foxconn Hon Hai Technology India Mega Development Ltd for $37.2 million.

Following the transaction, Foxconn Singapore now holds a 99.9% stake in the India unit, with total investment in the subsidiary rising to $2.82 billion, the filing showed. Group entity Yuzhan Technology (India) also holds a minority stake.

The investment comes as Foxconn continues to scale up its manufacturing presence in India, which has become a key hub for iPhone assembly for both domestic and export markets.

India Manufacturing Expansion

Foxconn has been steadily expanding its production base in India over the past few years as part of its global diversification strategy away from China.

Its largest facility is located in Sriperumbudur near Chennai in Tamil Nadu, which assembles iPhones for Apple. The company is expected to channel a significant portion of its India investments into the state as production scales up.

In addition, Foxconn operates a manufacturing hub in Devanahalli, Karnataka. Media reports suggest the company hired more than 30,000 employees last year for its Karnataka operations, making it one of the fastest-growing industrial ramp-ups in the country.

Separately, Yuzhan Technology India had announced an investment of $1.5 billion last year to further expand iPhone production capacity in the country.

AI-Led Growth Outlook

Foxconn has outlined an ambitious long-term strategy built around what it calls the “3+3+3” framework, which combines emerging industries, core technologies and smart platforms. The group is focusing on electric vehicles (EVs), digital health and robotics, alongside artificial intelligence, semiconductors and next-generation communication technologies.

It is also building smart manufacturing, smart EV and smart city platforms as part of its broader industrial roadmap. Foxconn reported strong global performance in the January–March quarter, with revenue rising to NT$2.12 trillion and net profit up 19% year-on-year (YoY).

The company expects continued momentum in the coming quarters, supported by strong AI-related demand, even as seasonal factors typically slow the industry. Capital expenditure is also expected to rise further this year, driven by manufacturing expansion and automation upgrades.