Ali Hasan
Apple assembler Foxconn Technology Group is gearing up to launch an IPO worth Rs 5,000 crores. The company will launch the IPO once it consolidates its group entities in India. Taiwanese contract manufacturer, whose main listed arm is Hon Hai Precision Industry Co is keen on expanding in India since early 2019.
Foxconn has plans to invest more than $1 billion over the next 3 years in India. It makes smartphones in the country through its subsidiaries and has plans to have a factory in southern India where it will be assembling Apple iPhones.
As per reports, Apple’s iPhones models, made by Foxconn in China, will be made at its plant in Tamil Nadu. The company also operates a separate plant in Andhra Pradesh. Foxconn Chairman Liu Young-way last month said it would ramp up its investment in India, at Foxconn’s annual general meeting.
In another update, Foxconn and the Nanjing Economic and Technological Development Zone have agreed to start building electric sport-utility vehicles (SUVs) in 2022 for cash-strapped Chinese start-up Byton, the Taiwan based company recently announced.
The tech group was reported to be investing some $200 million in Chinese electric vehicle startup, which will be a key part in Foxconn’s strategy in the electric vehicle (EV) industry.
Last week, Hon Hai Precision Industry Co., Ltd. (Foxconn) reported 32.3% on year and 4.8% sequential rise in its consolidated revenues to NT $713.78 billion (US$25.51 billion) for December 2020, hitting a new record. Year-to-date revenues of the company totalled at NT$ 5,356.06 billion, rising 0.31% from the previous year’s figures.
If you wanted to invest in a successful company, then this could be your chance to begin investing.
