Foxconn Says Looking at Long-Term Investments in India

Foxconn, the trade name for Hon Hai Precision Industry Co Ltd, will invest in India as it builds a supply chain in the country, in a move that may help the country's efforts to build a technology manufacturing base.

Taiwan-based Foxconn is the world's largest contract maker of electronic products and counts Apple, BlackBerry, Xiaomi and Amazon among clients.

Founder and chairman said Terry Gou said on Tuesday he was looking at India with a more than ten years timeframe in mind, but had not firmed up investment figures yet.

Conglomerate Adani Enterprises Ltd said on Tuesday it was in discussions with Taiwan's Foxconn, the trade name for Hon Hai Precision Industry Co Ltd, for a joint venture, though no agreement had been signed.

A local television channel reported earlier on Tuesday that the company was planning a joint venture worth $5 billion (roughly Rs. 32,038 crores) with Foxconn to build components for companies like Apple Inc and Amazon.

"We are at the discussion stage only and have not signed any agreement which requires disclosure," the company said in a filing.

Foxconn is the world's largest contract maker of electronic products and counts companies like Apple, BlackBerry, Motorola, Huawei and Xiaomi as clients.

Earlier this month, Foxconn was reportedly part of a $500 million (roughly Rs. 3,196 crores) funding round for Snapdeal, alongside Alibaba and SoftBank. Snapdeal has so far raised over $1.1 billion (roughly Rs. 7,031 crores) in eight funding rounds, and its last investment round in October 2014 was a reported $627 million (roughly Rs. 4,009 crores) led by SoftBank.

Written with inputs from Reuters