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Foxconn’s Singapore unit invests $37.2 M in India unit

Economic Times  

Hon Hai Precision Industry’s subsidiary Foxconn Singapore has acquired about 351.73 million shares in its India unit, Foxconn Hon Hai Technology India Mega Development, for USD 37.2 million. This transaction was financed through private capital. Post acquisition, the parent entity maintains a 99.99% stake in the Indian subsidiary, valued at USD 2.82 Billion.A significant chunk of this investment is expected to be deployed in Tamil Nadu, where the company currently has its largest footprint.Foxconn Hon Hai Technology India Mega Development operates as a key manufacturing arm for the group in India. The company continues to expand its local presence to meet demand from customers such as Apple.