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Foxconn to Source Equipment from Apple for Latest Indian Manufacturing Project

Asia Manufacturing Review Team | Wednesday, 19 July 2023

 Asia Manufacturing Review Team

Over the last year, Foxconn Technology Group has purchased $33 million in equipment from an Apple Inc. unit for its operations in India, indicating the key iPhone assembler's accelerated expansion in the country.

According to a filing from Foxconn's Taipei-listed flagship unit Hon Hai Precision Industry Co., an Indian subsidiary of the Taiwanese company acquired equipment from Apple Operations Ltd. for operational needs.

The filing provided a rare glimpse into Foxconn's dealings with its largest customer, which occasionally helps finance the cost of equipment used to manufacture the majority of the world's iPhones.

Rajeev Chandrasekhar, India's Minister of State for Technology, stated in May that Apple is interested in increasing electronics production in the country, a month after the US company's Chief Executive Officer Tim Cook renewed a pledge to invest in the region during a meeting with Prime Minister Narendra Modi.

Last fiscal year, Apple Inc. tripled iPhone production and assembled more than $7 billion of iPhones in India, accounting for nearly 7% of its handset production. Meanwhile, Foxconn plans to invest $700 million in a new plant in Karnataka, partly to increase local production of iPhone components.