Foxconn Receives Approval For USD 2.2 Bn Investment Plans In India And US

New Delhi, Jun 27 (KNN) Taiwan's Hon Hai Precision Industry Co., commonly known as Foxconn, has obtained regulatory clearance for two major investment initiatives totalling more than USD 2.2 billion across India and the United States.

The Department of Investment Review, operating under Taiwan's Ministry of Economic Affairs, has approved the electronics manufacturing company's investment proposals, as reported by Focus Taiwan news agency.

The regulatory body has sanctioned a USD 1.49 billion investment plan designed to increase capital in Foxconn Singapore Pte Ltd, a subsidiary of the parent company.

The Singapore-based subsidiary will subsequently channel these funds into Yuzhan Technology (India) Pvt Ltd, another Foxconn entity operating within the Indian market.

The investment comes after Foxconn announced last month that it had committed USD 1.48 billion, equivalent to approximately 12,800 crore rupees, to its Indian operations.

The company is currently establishing a manufacturing facility in Sriperumbudur focused on assembling smartphone display modules, supporting Apple's broader strategy to diversify its component manufacturing base beyond China.

In parallel with its Indian expansion, Foxconn has allocated USD 735 million from its disposal capital to establish a new United States-based entity called Project ETA (DE) LLC.

This new company will concentrate on data centre module production and server assembly operations, marking the company's continued expansion into the American market.

(KNN Bureau)