Key iPhone Maker Foxconn Invests $500 Million In India. Know Everything

Foxconn, a major iPhone assembler and supplier, plans to invest another $500 million in India to expand its chipset manufacturing operations in the South Asian market, media reports said. Foxconn, headquartered in Taiwan, also the world’s largest contract electronics manufacturer, has acquired his 4.08 million shares in Foxconn Hon Hai Technology India Mega Development Private Limited for his $500 million. announced, according to a Reuters report.

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Recall, Foxconn opened its manufacturing facility in India in 2019 and has expanded production since then. The company started production of the new iPhone 14 in Japan this year.

Also Read: Apple Upgrades App Store Pricing Globally Including India

A major Apple partner plans to bring its factory workforce in southern India to 70,000 by adding another 53,000 over the next two years, the report said, citing sources. added.

This comes amid Foxconn giving another special payout to its Chinese employees to ease fears and restore production at the world’s largest iPhone factory in Zhengzhou, Bloomberg reports. From October 1st to November 10th, Foxconn will add 30 yuan ($4.20) per hour to regular wages from December to January and offer a returnee bonus of 500 yuan.

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Beijing’s efforts to keep the economy afloat while battling the Covid epidemic have sparked unrest among Foxconn workers and also sparked a wave of public protests across China.

Foxconn previously decided to give existing workers at its Zhengzhou factory in China up to $1,800 in bonuses, hoping to maintain the staffing levels needed to run the world’s largest iPhone factory. According to a notice posted on the social media service WeChat, the company is now giving his 3,000 yuan bonus if an employee stays with him for 30 days, and will also give him a bonus of 23 days in January. An additional 6,000 yuan will be given to employees who work more than this.