Apple’s key manufacturing partner, Foxconn, has infused USD 1.48 billion—approximately Rs 12,800 crore—into its Indian operations over the past five days, according to a disclosure filed by the company.
The investment has been directed toward Yuzhan Technology (India) Private Limited, a unit based in Tamil Nadu, via Foxconn’s Singaporean entity.
As per the filing, Foxconn Singapore Pte purchased 9,999 equity shares in Yuzhan Technology at a face value of Rs 10 per share, including a significant premium, bringing the total deal value to nearly USD 1.489 billion. The transaction was completed between May 14 and May 19.
This major financial commitment aligns with Apple’s broader objective to expand iPhone manufacturing in India.
Earlier, Apple CEO Tim Cook revealed that, during the June quarter, the company aims to source the majority of iPhones for the U.S. market from its Indian production facilities. Meanwhile, China will continue to cater to most other global markets, especially given the ongoing concerns around trade tariffs.
An S&P Global analysis reported that U.S. iPhone sales reached 75.9 million units in 2024. In contrast, India exported 3.1 million units in March alone, signaling the urgent need to either boost manufacturing capacity or divert units originally intended for domestic sale.
Insiders have indicated that Apple is targeting production of around 60 million iPhones in India for the current fiscal year. At present, about 15 percent of the tech giant’s global iPhone output is manufactured in India, as per government officials.
Foxconn, along with Tata Electronics and Pegatron India (which is largely under Tata’s control), is actively involved in assembling iPhones in the country.
