Taiwanese electronics giant Hon Hai Precision Industry Co, popularly known as Foxconn, has secured regulatory approval for two of its investment plans worth more than $2.2 billion in India and the US, said reports on Wednesday.
According to news agency Focus Taiwan, the Department of Investment Review under the Ministry of Economic Affairs (MOEA) approved the plan for the electronics manufacturing giant.
The Department has cleared a $1.49-billion investment proposal aimed at increasing capital in Foxconn Singapore Pte Ltd, a subsidiary of the company. This Singapore-based unit will, in turn, invest the funds into Yuzhan Technology (India) Pvt Ltd, another entity under Foxconn’s subsidy operating in India.
Last month, the Apple iPhone supplier said it has invested $1.48 billion (approximately Rs 12,800 crore) in its India operations. The company is currently setting up a manufacturing plant in Sriperumbudur to assemble smartphone display modules, which is part of Apple’s strategy to diversify its component manufacturing ecosystem away from China.
Foxconn is also allocating $735 million from its disposal capital to set up a new company in the US called Project ETA (DE) LLC, which will focus on data center module production and server assembly operations.