Apple supplier Hon Hai commits $1.5 billion

Hon Hai Precision Industry Co., the main manufacturer of Apple Inc.'s iPhones, will inject $1.5 billion into its India unit as production shifts away from China.

The Taiwan-based company said in an exchange filing on Monday that it had made the investment through its Singaporean subsidiary. Hon Hai, which is building new plants and adding production capacity in southern India, didn't immediately respond to an emailed request for comment. Apple is looking to import most of the iPhones it sells in the US from India by the end of next year, drawing the wrath of US President Donald Trump, who said last week he'd asked Apple CEO Tim Cook to stop building plants there.

Trump's comments accelerate a shift beyond China to mitigate risks related to tariffs and geopolitical tensions. Apple makes most of its iPhones in China and has no smartphone production in the US - though it's promised to hire more workers at home and pledged to spend $500 billion domestically over the next four years. Hon Hai is also increasing its investments in the US .