Apple’s supplier Foxconn will invest $ 1.5 billion in its unit in India, the company said in a document as the iPhone manufacturer transfers more production out of China, reached by US tariffs.
The Singapore -based Foxconn subsidiary will buy 12.77 billion shares in the amount of 10 rules each, totaling 127.74 billion rupees (US $ 1.5 billion) at Yuzhan Technology India, according to registration with the London Stock Exchange.
Yuzhan Technology India, Foxconn unit in Tamil Nadu, manufactures electronic components and also sets up Apple’s iPhones.
Apple is positioning India as an alternative manufacturing base amid US President Donald Trump’s rates on China, which raised concerns about the supply chain and fears of price increase in iPhone, Reuters said last month.
In March, Apple increased production in India, exporting about 600 tons of iPhones, worth $ 2 billion to the US.
