Major Apple assembler Foxconn has bought a huge tract of land on the outskirts of Indian tech hub Bengaluru, the company said in a filing Tuesday as it strives to diversify production away from CCP-controlled China.
Aishwarya Kumar and Sean Gleeson for AFP:
Also known by its official name, Hon Hai Precision Industry, Foxconn is the world’s biggest contract electronics manufacturer and a principal assembler of Apple iPhones.
Both companies are seeking to shift manufacturing away from China after strict Covid policies, a bout of industrial unrest and ongoing diplomatic tensions with the United States hurt production.
The 1.2 million-square-metre (13 million-square-foot) acquisition in Devanahalli, near the airport for Bengaluru, was announced in a statement to the London Stock Exchange.
It said that subsidiary Foxconn Hon Hai Technology India Mega Development was paying three billion rupees ($37 million) for the site, the size of more than 50 Manhattan city blocks.
MacDailyNews Take: The CCP’s lunacy is India’s gain.
MacDailyNews Note: iPhone models are currently assembled in India by Foxconn and Pegatron in Tamil Nadu and Wistron in Karnataka.
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