Hon Hai Precision Industry Co. has said that its subsidiary, Foxconn Singapore, acquired around 351.73 million common shares in its India subsidiary, Foxconn Hon Hai Technology India Mega Development Ltd, for $37.2 million, according to a stock exchange filing.
The Taiwanese electronics giant is the world’s largest manufacturer of iPhones.
The filing said that following the transaction, Foxconn Singapore holds 23.18 billion shares, or a 99.9 per cent stake, in its India unit, with a cumulative investment value of $2.82 billion. Group company Yuzhan Technology (India) also holds a minor stake in the Indian arm.
The move comes at a time when the company is betting heavily on its “3+3+3” strategic framework.
Under the strategy, the group integrates three emerging industries — electric vehicles, digital health and robotics — with three core technology domains — artificial intelligence (AI), semiconductors and next-generation communication technologies — while building three smart platforms: smart manufacturing, smart electric vehicles and smart cities.
Foxconn expands India manufacturing
Foxconn, formally known as Hon Hai Precision Industry, has been ramping up iPhone production in India over the past few years.
The company’s largest manufacturing base in India is at Sriperumbudur near Chennai, where it assembles Apple iPhones for both domestic and export markets. As a result, the largest share of its planned investments is expected to be directed towards Tamil Nadu.
The company also has a manufacturing hub at Devanahalli in Karnataka.
According to media reports, Foxconn hired more than 30,000 people last year for its Karnataka facility, making it one of the fastest factory ramp-ups in India.
As part of its planned expansion of iPhone manufacturing in India, Yuzhan Technology India had also announced an investment of $1.5 billion (around ₹13,500 crore) last year.
AI demand supports outlook
Foxconn reported record global revenue of NT$2.12 trillion during the January-March quarter, while net profit attributable to the parent company rose 19 per cent year-on-year to NT$49.9 billion.
Looking ahead to the second quarter, the company said that although the period is traditionally a seasonal slowdown for the industry, it expects to maintain growth momentum on the back of strong AI demand, with significant quarter-on-quarter and year-on-year growth.
Capital expenditure increased about 27 per cent year-on-year to NT$174 billion last year and is expected to rise by more than 30 per cent this year.
The company said investments will primarily focus on regional manufacturing expansion, automation and upgrades to core production capacity.
