Foxconn Technology will make investments greater than $1.5 billion in an Indian development undertaking to satisfy the Apple provider’s “operational needs” the corporate introduced in Taiwanese safety filings Monday.

The $1.541 billion funding was made by way of a Foxconn subsidiary, Hon Hai Technology India Mega Development, which has been registered in India’s Maharashtra state since 2015, in line with one of many securities filings and Indian company information. A concurrent submitting mentioned that the identical subsidiary would finances the equal quantity in Indian rupees for a development undertaking to satisfy “operational needs.”

Foxconn is a serious Apple provider and has vital operations in mainland China. Foxconn’s factories are a essential a part of Apple’s iPhone manufacturing and had been hit hard when Covid-19 lockdowns slowed production to a crawl in 2022.

Those lockdowns, alongside basic geopolitical tumult, have prompted Apple suppliers like Foxconn to re-assess their concentrated presence in China. Foxconn has already introduced a number of tasks inside India, together with a $600 million project in Karnataka state and a $500 million factory in Telangana state.

No additional element was given within the securities filings, and a Foxconn spokesperson didn’t instantly return CNBC’s request for remark.

The contemporary funding from Foxconn comes a number of months after Foxconn pulled out of a $19.5 billion chipmaking three way partnership in India by “mutual agreement,” the corporate mentioned on the time. Foxconn added it remained “confident” about India’s semiconductor business ambitions.

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