Hon Hai – pressnews

[ad_1] IPhone maker Hon Hai Precision Industry Co. plans to expand its footprint in India with another NT$50 billion ($1.6 billion) investment for construction projects.The announcement, made in an exchange filing in Taiwan late Monday, didn't give any further details, saying only that the investment was for “operational needs.” A spokesperson for the company declined to say where the new facilities would be or what they would build. The news comes as Hon Hai, also known as Foxconn, and other Taiwanese electronics manufacturers continue to diversify their businesses outside of China as tensions rise between Washington and Beijing. About half of Foxconn's revenue comes from business with Apple Inc. The company has been making iPhones and other products in India for several years, includ...

[ad_1] India's government is poised to deny crucial funding for billionaire Anil Agarwal's chip venture, a setback for a $19 billion push to make semiconductors in the country.The government is likely to tell the venture between Agarwal's Vedanta Resources Ltd. and Taiwan's Hon Hai Precision Industry Co. it won't get incentives to make 28-nanometer chips, people familiar with the matter said. The venture has applied for such assistance, potentially worth billions of dollars, but hasn't met the criteria set by the government. While Vedanta and Hon Hai can apply again, a rejection would mean delays for Agarwal's ambition to establish India's first major chipmaking operation, even as his metals and mining conglomerate struggles to reduce a heavy debt load. Nine months after Agarwal announc...

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iPhone Maker Hon Hai Plans $1.6 Billion in India Expansion Bid

Billionaire Anil Agarwal’s chip dreams stymied as govt set to deny funding