Foxconn Technology Group has bought equipment worth $33 million from an Apple Inc. subsidiary to support its operations in India in the past year. This move highlights the significant expansion of the key iPhone assembler in the country.
By acquiring equipment from Apple Operations Ltd., the Indian subsidiary of Foxconn aims to meet its operational requirements, as per reports.
In line with this, Apple has expressed its interest in increasing electronics production in India. This announcement came after a meeting between Apple’s CEO Tim Cook and Prime Minister Narendra Modi, during which Cook reaffirmed the company’s commitment to investing in the region.
In the previous fiscal year, Apple manufactured over $7 billion worth of iPhones in India, tripling its production and making nearly 7% of its handsets in the country. Furthermore, Foxconn plans to invest approximately $700 million in establishing a new plant in Karnataka, a southern state of India. This strategic move aims to bolster local production of iPhone components.
Overall, Foxconn’s acquisition of equipment from Apple and its investments in India showcase the company’s commitment to expanding its presence in the country’s thriving electronics market.
