Foxconn Technology will invest in a new $1.5 billion project in India to fulfill its operational needs, the company announced via security filings on Monday.
According to one of the securities filings and Indian corporate records, the investment, which valued $1.541 billion, was made through a Foxconn subsidiary, Hon Hai Technology.
Foxconn, a crucial Apple supplier, was one of the companies that has been affected by the COVID-19 lockdowns since it has factories that operated in China.
However, such incidents and geopolitical wariness has drawn Foxconn to reevaluate their situation in China, leading it to announce numbers of projects in India, where it is said to be confident in the semiconductor industry.
