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Hon Hai expands operations in India, Vietnam amid trade tensions

Jan 28, 2019 by The Passage Team
Hon Hai expands operations in India, Vietnam amid trade tensions

Key iPhone assembler Hon Hai Precision Industry Co., also known as Foxconn Technology Group, is increasing its presence in Vietnam and India amid the growing trade spat between the US and China.

In a series of filings, the company said it had injected up to USD 213.5 million into an Indian unit between September and January for “long-term investment,” and is paying USD 16.5 million to Fuhua Co. Ltd. for the right to use 250,000 square meters of land in an industrial park in Vietnam’s northeastern Bac Giang Province for operations and sales. Hon Hai now owns 99.99% of the Indian unit, according to the filing.

While Hon Hai did not indicate the move was related to orders for Apple Inc., in a separate filing the Taiwanese manufacturer said it was selling on the Vietnamese land rights to a unit of Hong Kong-listed FIT Hon Teng, an iPhone cable and connector maker Foxconn controls.

Source: Bloomberg

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