Apple Vendor Foxconn pumps $1.48 billion into Tamil Nadu unit

NEW DELHI: Apple’s key supplier Foxconn has invested $1.48 billion (approximately Rs 12,800 crore) in its India operations over the past five days, the company disclosed in a regulatory filing.The investment was made into Yuzhan Technology (India) Private Limited, Foxconn’s Tamil Nadu-based unit, via its Singapore arm, Foxconn Singapore Pte Ltd. Under the transaction, the Singapore entity acquired 9,999 shares at Rs 10 per share, including a premium component, taking the total deal value to $1.489 billion.The move comes as Apple intensifies efforts to scale up iPhone production in India, aligning with its broader strategy to diversify manufacturing beyond China. Apple CEO Tim Cook recently announced that a majority of iPhones sold in the US during the June quarter will be sourced from India, while China will continue to supply most devices to other markets amid ongoing uncertainty around trade tariffs.Foxconn has reportedly more than doubled its India revenue to over $20 billion (Rs 1.7 lakh crore) in FY25, largely due to increased iPhone output.Also read:Why Apple won’t find it easy to move iPhone production from India to USAccording to an analysis by S&P Global, Apple sold 75.9 million iPhones in the US in 2024. With Indian exports in March alone at 3.1 million units, the data indicates that shipments will need to double—either by increasing production capacity or diverting more units from domestic allocation.Government sources estimate that 15 per cent of Apple’s global iPhone output now comes from India. Apple is reportedly aiming to produce 60 million (6 crore) iPhones in the country this fiscal.Earlier in April, Union Minister Ashwini Vaishnaw announced that mobile phone exports from India hit a record Rs 2 lakh crore in FY25, of which Rs 1.5 lakh crore was attributed to iPhone exports.