Foxconn subsidiary plans to invest $48 million in an Indian company
By MYBRANDBOOK
Rising Stars Hi-Tech, Foxconn's Indian subsidiary, will get a $48 million investment from its parent company, Bharat FIH. It is anticipated that the investment will strengthen the business's working capital and advance its overarching goals. This action was taken soon after Foxconn declared that it will invest $1.5 billion in India to suit its operational needs.
The infusion marks a long term-investment for working capital and general corporate purposes, the company said in a stock exchange filing in Hong Kong.
“The capital injection is currently scheduled to be effected in December 2023,” the filing added.
As per FIH, the issued share capital of Rising Stars Hi-Tech will increase with the funding to INR 450 Cr.
The company was established in 2015 and Bharat FIH is one of the vendors of smartphone giants such as Apple and Xiaomi. Besides assembling iPhone for Apple, the company also makes mobile phones, electric vehicle components, telecom network equipment, televisions and hearables, among others.
Foxconn is aiming to expand its footprint in India. The company in September announced that it has planned to double its India employment, investment and business size in one year.
In India, apart from assembling Apple’s products, the company is also planning to enter the semiconductor and electric vehicle spaces. It has already partnered with French-Italian semiconductor company STMicroelectronics to start manufacturing semiconductors in India.
The development comes at a time when Apple is rapidly ramping up manufacturing in India amid geopolitical tensions between Beijing and Washington. India now accounts for about 7% of total iPhones produced globally.
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