Foxconn Singapore has increased its stake in its Indian subsidiary, Foxconn Hon Hai Technology India Mega Development Ltd., to 99.9% after investing $37.2 million. The investment is part of the company’s expansion plans in India and supports its long-term “3+3+3” growth strategy.
Foxconn Singapore, a wholly owned subsidiary of Hon Hai Precision Industry Co., has purchased approximately 351.73 million shares of Foxconn Hon Hai Technology India Mega Development Ltd., according to a stock exchange filing. The transaction was completed for $37.2 million.
With this investment, Foxconn Singapore now owns 23.18 billion shares, increasing its stake in the Indian subsidiary to 99.9%. The company’s total investment in the unit has reached $2.82 billion. The remaining stake is held by another group company, Yuzhan Technology (India).
The company said the transaction will not result in any changes to its business operations. It also stated that the board of directors approved the deal without any objections. The agreement does not contain any major contractual restrictions or restrictive covenants, and the shares are not subject to any pledges or other encumbrances.
The investment is part of Foxconn’s broader expansion plans in India under its “3+3+3” strategy. Under this framework, the company aims to combine three fast-growing industries—electric vehicles, digital health, and robotics—with three key technologies: artificial intelligence (AI), semiconductors, and next-generation communication technologies. The goal is to build smart manufacturing, smart electric vehicle, and smart city platforms.
Foxconn has also been expanding its iPhone manufacturing operations in India. Its largest production facility is located in Sriperumbudur, near Chennai, where Apple iPhones are assembled for the US and other international markets. The company also operates a major manufacturing facility in Devanahalli, Karnataka.
Last year, Foxconn rapidly expanded its Karnataka operations, hiring more than 30,000 employees for the facility. During the same period, Yuzhan Technology India announced a $1.5 billion (around ₹13,500 crore) investment to increase iPhone production in the country.
On the financial side, Foxconn reported record global revenue of 2.12 trillion Taiwan dollars for the quarter ended March. Net profit attributable to the parent company rose 19% year-on-year to NT$49.9 billion.
The company said the second quarter is usually a slower period for the industry. However, it expects strong demand for AI-related products to drive both year-on-year and quarter-on-quarter growth. Capital expenditure stood at NT$174 billion last year, up around 27% from the previous year, and is expected to increase by more than 30% this year. According to the company, the investment will mainly be used to expand factories, improve automation, and strengthen manufacturing capacity across its operations.
Read Article: IBM unveils sub-1 nanometer chip technology, touts nanostack design
