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Foxconn shares rise on plans for India investment

Foxconn shares rise on plans for India investment

Taipei, July 13 (CNA)
Shares of Taiwan's Foxconn Technology Group, the world's largest contract electronics maker, soared 1.82 percent to NT$95.1 (US$3.06) per share in Monday morning trade in Taipei after the company announced plans to set up 10-12 manufacturing plants in India by 2020.
Foxconn, which assembles iPhones and iPads for Apple Inc., is looking to establish factories initially in five Indian states, including Andhra Pradesh, Gujarat, and Maharashtra, with the aim of creating at least 1 million jobs in the Asian country over the next five years, India's Economic Times reported July 11, citing Foxconn Chairman Terry Gou who was on a recent trip to India.
The Taiwan-based company, also known as Hon Hai Precision Industry Co., plans to make electronics products such as mobile handsets, tablets, TVs, batteries, routers, set-top boxes and printers in India, according to the Economic Times.
"We will help local companies and help them design and manufacture components and devices locally, enabling them to start export," Gou was quoted as saying in the news report.
Indian technology website TeleAnalysis said last week that Hon Hai is planning to roll out smartphones in India for Chinese brand Xiaomi Inc. to tap into the fast-growing market there.
In June, the Wall Street Journal said Hon Hai and Alibaba Group, China's largest e-commerce firm, were planning to buy a 10 percent stake in Indian e-commerce firm Snapdeal.com. at a cost of US$500 million. (By Jeffrey Wu)


Updated : 2021-09-23 20:02 GMT+08:00