Hon Hai Expands Operations in India, Vietnam Amid Trade Tensions
- Company has injected $213.5 million into Indian unit
- IPhone supplier pays for right to use more land in Vietnam
Employees work on the assembly line at Hon Hai Group's Foxconn plant.
Photographer: Qilai Shen/Bloomberg
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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 U.S. and China.
In a series of filings, the company said it had injected up to $213.5 million into an Indian unit between September and January for “long-term investment,” and is paying $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.