Foxconn pumps $1.48B into Tamil Nadu arm amid Apple’s India push

Apple vendor Foxconn has invested $1.48 billion or about Rs 12,800 crore in its India unit in the last five days, the company said in a regulatory note.

Foxconn has made investment in its Tamil Nadu unit, Yuzhan Technology (India) Private Limited, through it Singapore-based arm.

Under this transaction, Foxconn Singapore has acquired 9,999 shares at Rs 10 per share at a premium of Yuzhan Technology, taking the total transaction value to $1.489 billion.

The investment comes at a time when Apple plans to enhance production of iPhones in India.

Apple CEO Tim Cook has announced that Apple will source majority of iPhones sold in the US from India in the June quarter, while China will produce the vast majority of the devices for other markets amid uncertainty over trade tariffs.

Foxconn is reported to have more than doubled its revenue in India to over $20 billion (about Rs 1.7 lakh crore) in the financial year 2024-25 on account of a jump in iPhone production.

An analysis by S&P Global said that iPhone sales in the US were 75.9 million units in 2024, with exports in March from India at 3.1 million units, suggesting a need to double shipments either through new capacity or redirecting shipments bound for the domestic market.

Government representatives have said 15% of iPhone's global output comes from India at present.

According to sources, Apple had plans to produce around 60 million or 6 crore iPhones in India this fiscal.

Union Minister Ashwini Vaishnaw in April announced that mobile phone exports from India have crossed an all-time high of Rs 2 lakh crore in FY25, in which iPhone exports alone accounted for Rs 1.5 lakh crore.