Foxconn's India Arm Plans IPO To Raise 5,000 Crore

CIOReviewIndia Team | Tuesday, 12 January 2021, 08:55 IST

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Foxconn Technology Group’s Indian arm is all set to launch an initial public offer (IPO) worth Rs. 5,000 crore.

Foxconn Technology Group will launch the OPO once it consolidates its group entities in India, reported by Livemint on Tuesday.

Taiwanese contract manufacturer, whose main listed arm is Hon Hai Precision Industry Co is keen for expansion in India since early 2019.

Foxconn, which is manufacturing smartphones in India through its subsidiaries, plans for investing of almost $1 billion over three years to expand a factory in southern India, where it assembles Apple iPhones, as reported by Reuters earlier.

Mentioned in the report, Apple’s iPhones models, made by Foxconn in China, will be made at its plant in Tamil Nadu, where the company also operates a separate plant in Andhra Pradesh.

Foxconn Chairman, Liu Young-way last month said that it would ram up its investment in India, at Foxconn’s annual general meeting.

Another update states that, Foxconn and the Nanjing Economic and Technological Development Zone have agreed for starting the development of electric sport-utility vehicles (SUVs) from 2022 for cash-strapped Chinese start-up Byton, the Taiwan-based company recently announced. The tech group was reported to be investing an amount of $200 million in Chinese electric vehicle startup, which will be a key part in Foxconn’s strategy in the electric vehicle (EV) industry.

In the previous week, Hon Hai Precision Industry Co., Ltd (Foxconn) reported 32.3 percent on year and 4.8 percent sequential rise in its consolidated revenues to NT $713.78 billion (US $25.51 billion) for December 2020. It’s a new record for the group.

Year-to-date revenues of the company amounted at NT $5,356.06 billion, rising 0.31 percent from last year’s figures.

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