Apple supplier Foxconn will invest 1.5 billion rupees in its India unit, the company said in a filing, as the iPhone maker shifts more manufacturing out of tariff-hit China.
Foxconn's Singapore-based subsidiary will buy 12.77 billion shares worth 10 rupees apiece, amounting to 127.74 billion rupees ($1.50 billion) in Yuzhan Technology India, according to the London Stock Exchange filing.
Apple is positioning India as an alternative manufacturing base amid U.S. President Donald Trump's tariffs on China, which have raised supply chain concerns and fears of higher iPhone prices, Reuters reported last month.
In March, Apple ramped up India production, exporting around 600 tons of iPhones worth $2 billion to the U.S.
The tech giant chartered cargo flights to ferry 600 tons of iPhones, or as many as 1.5 million, to the United States from India, after it stepped up production there in an effort to beat President Donald Trump's tariffs.
The news flies in the face of President Donald Trump's recent request of Apple CEO Tim Cook to think twice about moving his iPhone production to India and consider a domestic location.
Speaking in Qatar on May 15, Trump told reporters that he nudged Cook to find an alternative place to manufacture the highly complex devices. "I had a little problem with Tim Cook yesterday. I said to him, 'You're my friend, I've treated you very good. You're coming here with $500 billion, but now I hear you're building all over India. I don't want you building in India,'" Trump said.
In February, Apple said it planned to spend $500 billion to help bring online a quarter-million-square-foot factory in Texas by 2026 to build artificial intelligence servers and will add about 20,000 research and development jobs across the U.S.
($1 = 85.4420 Indian rupees)
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