Categories: Uncategorized

Foxconn to invest $200 mn in India’s Snapdeal


Taiwan electronics giant Foxconn said Tuesday it would invest $200 million in leading Indian online marketplace Snapdeal as part of efforts to tap a huge potential market.Foxconn’s fully-owned subsidiary in Singapore Wonderful Stars will acquire a 4.27 percent stake in Snapdeal, according to a statement released by Foxconn.

The investment came after Terry Gou, founder of the Foxconn group, signed a memorandum of understanding with Devendra Fadnavis, chief minister of the western Indian state of Maharashtra, early this month to invest $5 billion in a new plant.

Foxconn, the supplier to Apple also known as Hon Hai Precision Industry, is the world’s largest computer components manufacturer and also assembles products for Sony and Nokia.

Setting up a facility in India could help cut Foxconn’s labour costs and boost sales of iPhones in a country that boasts 952 million mobile connections.

Foxconn’s decision to invest $5 billion in India has sparked media concerns in China, where the economy is slowing.

The group employs about a million workers in China, roughly half of them based at its main facility in the southern city of Shenzhen.





The group has production facilities in more than 10 countries, including Vietnam, Brazil and Mexico.

cty/sm

Foxconn

Alibaba

Sony

SoftBank

Recent Posts

Realme 15X 5G with HD+ Display launched in India for Rs 16,999

Realme has launched the Realme 15X 5G smartphone in India. Realme 15x 5G has a…

10 hours ago

Xiaomi 17 Pro , Xiaomi 17 Pro Max Launched

Xiaomi has launched  Xiaomi 17 Pro and Xiaomi 17 Pro Max smartphones in China. Xiaomi…

6 days ago

Xiaomi 17 with 6.3-inch 1.5K Display, Snapdragon 8 Elite Gen 5 Launched

Xiaomi has launched the Xiaomi 17 smartphone in China. It has a 6.3-inch 1.5K OLED…

6 days ago

Xiaomi 15T, Xiaomi 15T Pro Launched

Xiaomi has launched the Xiaomi 15T and Xiaomi 15T Pro smartphones in Berlin. Both Phones…

7 days ago

Vivo V60 Lite 5G with Dimensity 7360 Turbo Launched

Vivo has launched the Vivo V60 Lite 5G smartphone. The Vivo V60 Lite 5G features…

1 week ago

Vivo X300 Series to launch on October 13

Vivo is all set to launch the Vivo X300 and Vivo X300 Pro smartphones in…

1 week ago