Taiwan’s Foxconn, the world’s greatest agreement electronics maker, claimed on Thursday that its Singapore unit has acquired 4.08 million shares in Foxconn Hon Hai Technology India Mega Advancement Non-public Limited for $500 million.

The announcement of a $500 million injection into its India device arrives just after Reuters noted past thirty day period that Apple supplier Foxconn options to quadruple the workforce at its Apple iphone manufacturing unit in India more than two decades, with two government officers with information of the make a difference pointing to a production adjustment as it faces disruptions in China.

Foxconn ideas to boost the workforce at its plant in southern India to 70,000 by introducing 53,000 additional employees about the up coming two yrs, resources experienced said.

The business shared its options with Tamil Nadu officers about accelerating its employing attempts at the Indian plant due to disruptions in China, in accordance to a govt supply, while a man or woman in Taiwan with knowledge of the issue explained Foxconn was increasing its functions in India to boost its potential for basic types and to fulfill Indian demand.

Formally referred to as Hon Hai Precision Sector Co Ltd, Foxconn opened the India plant in 2019 and has been ramping up creation. It began creating the Apple iphone 14 this 12 months.

Foxconn, which grabbed headlines in the latest weeks for imposing tricky COVID-19 constraints at its Zhengzhou plant in China which resulted in worker unrest, said on Thursday the facility has lifted its “shut-loop” administration curbs.

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