Foxconn noted in filings that the acquisition is a long-term investment funded through private capital, highlighting the contract manufacturer's expansion plans in India
Foxconn has been investing heavily in its Indian manufacturing plants as part of its 3-3-3 policy, under which it plans to integrate three emerging industries, three core technologies and three smart platforms
Apple is not only using ‘Made in India’ products for the local market but also exporting them, as it looks to reduce reliance on China and diversify its manufacturing base
Taiwanese electronics manufacturing giant Foxconn’s Singapore subsidiary has acquired 351.73 Mn shares in its India subsidiary Foxconn Hon Hai Technology India Mega Development Pvt Ltd. The company acquired the shares for $37.2 Mn (about ₹352 Cr), according to stock exchange filings.
Foxconn noted in filings that the acquisition is a long-term investment funded through private capital, highlighting the contract manufacturer’s expansion plans in India amid increasing demand for Apple products, broader global supply-chain diversification initiatives, and India’s push to scale domestic electronics production.
Following the transaction, Foxconn Singapore holds 23.18 Bn shares in the Indian unit, representing nearly 100% stake with a cumulative holding value of $2.82 Bn.
Foxconn has been investing heavily in its Indian manufacturing plants as part of its 3-3-3 policy, under which it plans to integrate three emerging industries, three core technologies and three smart platforms to ensure supply diversification and long-term growth.
Foxconn has historically been focused on South India, with its Tamil Nadu facility manufacturing iPhone components for Apple. In October last year, it committed ₹15,000 Cr to enhance its operations in the state. The announcement came after Foxconn got the nod to invest $2.2 Bn in total in the US and India.
Prior to that in May 2025, the company infused $1.48 Bn in its Tamil Nadu-registered entity Yuzhan Technology (India). The entity owns a minor stake in the India unit of Foxconn.
It is also expanding to Karnataka, where it is building a 300 acre facility near Bengaluru airport, with an investment of ₹25,000 Cr and a production capacity of 20 Mn smartphones annually.
Now, the contract manufacturer has its eyes set on North India, with a reported 300 acre facility set to be built in UP’s Greater Noida.
This comes at a time when India is emerging as a significant market for Apple. The company recorded double-digit growth in India in Q2 FY26, with CEO Tim Cook terming the country a “huge opportunity” for the tech giant.
Earlier this year, the US-based company also opened its sixth retail store in India in Mumbai’s Borivali.
Besides being an important market, India is also a key manufacturing destination for Apple. The company is not only using ‘Made in India’ products for the local market but also exporting them, as it looks to reduce reliance on China and diversify its manufacturing base.
Source: Inc42 - Startups
