Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

UPDATE 1-Foxconn says looking at long-term investments in India

Published 2015-08-04, 01:39 p/m
© Reuters. UPDATE 1-Foxconn says looking at long-term investments in India

(Adds Gou's comments, details on investment plan)
NEW DELHI/MUMBAI, Aug 4 (Reuters) - Foxconn, the trade name
for Hon Hai Precision Industry Co Ltd 2317.TW , will invest in
India as it builds a supply chain in the country, in a move that
may help the country's efforts to build a technology
manufacturing base.
Taiwan-based Foxconn is the world's largest contract maker
of electronic products and counts Apple AAPL.O , Blackberry
BB.TO , Xiaomi XTC.UL and Amazon AMZN.O among clients.
On Tuesday, Foxconn founder Terry Gou said he was looking at
setting up manufacturing units in various Indian states and
possible partnerships in the world's fastest growing smartphone
market. ID:nL3N0YW3DJ
He had said in May that Foxconn was aiming to develop 10-12
facilities in India, including factories and data centres, by
2020. ID:nL3N0YH3S5
On Tuesday the Foxconn CEO said he was looking at India with
a timeframe of more than ten years in mind, but had not decided
firm investment figures yet.
Gou said he had spoken with India's Prime Minister Narendra
Modi, who is seeking to build up manufacturing in the country.
Local businessmen are hoping that as Foxconn and other
companies invest in the country, suppliers will follow.
Gou said he was looking to make components such as batteries
and data storage units in the country, not just assembly units.
Foxconn plans to work with India's Adani Enterprises
ADEL.NS , as well as local smartphone and e-commerce companies
Micromax IPO-MINF.NS and Snapdeal, Gou said.
Earlier on Tuesday Adani said it was in discussions with
Foxconn but no deal had been signed. ID:nL3N10F4HT

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.