SUMMARY
- Foxconn Singapore has acquired 1.203 billion shares in its Foxconn Hon Hai Technology India Mega Development division.
- It is a subsidiary of Taiwanese electronics giant Foxconn.
- Foxconn Interconnect Technology acquired 197 million shares of Foxconn Interconnect Technology Singapore for 180 million euros.
Foxconn Singapore has acquired 1.203 billion ordinary shares in the Indian affiliate of Foxconn Hon Hai Technology India Mega Development, for $144 million. This strategic move is expected to aim at targeting the capital structure. The meeting in New Delhi with PM Modi highlighted Foxconn’s commitment to expanding its ventures in India. Foxconn Singapore is a subsidiary of Taiwanese electronics giant Foxconn.
“Foxconn is renowned for its vertical integration capabilities, and we aim to elevate our position in the ICT sector in India,” CEO Young Liu stated. He also highlighted the company’s long-run objectives to place its position in India’s information and communication technology (ICT) sector.
Foxconn Interconnect Technology acquired 197 million shares of Foxconn Interconnect Technology Singapore for 180 million euros.The company so far has invested $10Bn in India.
The company currently manufactures Apple iPhones in the country, all set to build assembly infrastructure for iPads at its Tamil Nadu’s Sriperumbudur facility.
In Dec 2023,Company was planning to invest an additional INR 13,911 Cr ($1.67 Bn) in Karnataka to boost iPhone the pace of manufacturing nationwide.
The company on another dimension focussing on ICT, electric vehicles, energy, and health sector along with developing townships in Tamil Nadu, based on Taiwan and China. These townships tends to improve operational efficiency and offer advantages to their stakeholders.
The acquisitions of shares are a deliberate move to establish its presence in the targeted market to trap unexplored resources. The company’s further investment in other countries like the United States and Mexico displays the company’s commitment.
