Apple contractor Foxconn investing $500 million into its Indian subsidiary

Foxconn, Apple’s biggest contractor, has invested US$500 million in its Indian subsidiary, as the Taiwanese manufacturing giant moves ahead to diversify its supply chain after China’s stringent pandemic controls disrupted production at its top iPhone plant in the central city of Zhengzhou, reports The South China Morning Post.

The article notes that the cash injection into Foxconn Hon Hai Technology India Mega Development Private Limited, made through Foxconn’s Singapore unit Foxconn Singapore Pte Ltd, involved the purchase of over 4 billion shares, according to a filing on Thursday to the Taiwan Stock Exchange.

Last month Reuters reported that Foxconn plans to quadruple the workforce at its iPhone factory in India over two years. The article said this points to “a production adjustment as it faces disruptions in China.”

From Reuters: Taiwan-based Foxconn now plans to boost the workforce at its plant in southern India to 70,000 by adding 53,000 more workers over the next two years, said the sources, who declined to be named as the discussions are private.