Apple supplier Foxconn to invest $1.5 billion in India unit

Apple is positioning India as an alternative manufacturing base to China.

FILE PHOTO: A woman walks past the logo of Foxconn outside a company's building, in New Taipe City, Taiwan December 22, 2022. / REUTERS/Annabelle Chih

Apple supplier Foxconn will invest $1.5 billion in its India unit, the company said in a filing, as the iPhone maker shifts more manufacturing out of tariff-hit China.

Foxconn's Singapore-based subsidiary will buy 12.77 billion shares worth 10 rupees apiece, amounting to 127.74 billion rupees ($1.50 billion) in Yuzhan Technology India, according to the London Stock Exchange filing.

Also Read: Trump says urged Apple to manufacture in US not India

Yuzhan Technology India, Foxconn's unit in Tamil Nadu, manufactures electronic components and also assembles Apple’s iPhones.

Apple is positioning India as an alternative manufacturing base amid U.S. President Donald Trump's tariffs on China, which have raised supply chain concerns and fears of higher iPhone prices, Reuters reported last month.

In March, Apple ramped up India production, exporting around 600 tons of iPhones worth $2 billion to the U.S.

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