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FIH Mobile to acquire 4.27% stake in Indian online retailer Snapdeal

FIH Mobile to acquire 4.27% stake in Indian online retailer Snapdeal

Taipei, Aug. 18 (CNA) FIH Mobile Ltd. (???), a subsidiary of Taiwanese contract manufacturer Hon Hai Precision Industry Co. (??), announced Tuesday a US$200 million investment in Jasper Infotech Pvt Ltd., the owner and operator of India's leading online retail platform Snapdeal. The investment will be carried out through FIH Mobile's wholly-owned subsidiary in Singapore, Wonderful Stars, which has agreed to acquire a 4.27 percent stake in Snapdeal, FIH Mobile said in an emailed statement. Through this investment deal, FIH Mobile expects to fully transform itself by providing services such as "end-to-end" information and mobile networks, while Hon Hai will be able to improve its infrastructure and consumer service, according to the statement. Founded in 2010, Snapdeal is one of India's biggest e-commerce companies and has become a competitor of U.S. online retailer Amazon.com Inc., with mobile devices accounting for the largest share of Snapdeal's overall sales. Hon Hai, known outside Taiwan as Foxconn Technology Group (???), and a major supplier to Apple Inc., signed a pact earlier this month with India's Maharashtra state to invest US$5 billion over five years in a new electronics manufacturing facility. The new facility could help Foxconn, which also counts BlackBerry, Xiaomi and Amazon as its clients, to counter the accelerating wage inflation in China and bolster Indian Prime Minister Narendra Modi's "Make in India" campaign, which aims to turn Asia's third-largest economy into a manufacturing powerhouse. (By Jeffrey Wu)


Updated : 2021-09-16 18:30 GMT+08:00