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.
Yuzhan Technology India, Foxconn's unit in Tamil Nadu, manufactures electronic components and also assembles Apple’s iPhones.
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.