Robert Way
Apple’s (NASDAQ:AAPL) key supplier, Foxconn (OTCPK:FXCOF), has pumped 1.5 billion rupees into its India unit, the company said in a filing, as the iPhone maker looks to shift more production out of China as tariff threats continue to loom large.
The investment, made via Foxconn’s Singapore-based subsidiary, is set to boost the company’s manufacturing expansion in the country.
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.
Apple’s (NASDAQ:AAPL) iPhone shipment contribution from India had increased in March ahead of President Donald Trump announcing a flurry of tariffs on April 2, according to Counterpoint Research.
Last week, it was reported that iPhone assembler Foxconn (OTCPK:FXCOF) received approval from India to construct a $435M fabrication plant in the Asian nation.
In other news, U.S. President Donald Trump urged Apple’s (NASDAQ:AAPL) CEO Tim Cook to stop building facilities in India, targeting the company’s intention to diversify its manufacturing footprint beyond China.