Taiwanese tech large and key Apple provider Foxconn is planning an extra $1.54 billion funding in India for “operational wants”, because it seeks to diversify manufacturing away from China.

The agency — additionally identified by its official title Hon Hai Precision Trade — is the world’s greatest contract electronics producer and assembles units for a lot of corporations, most notably Apple’s iPhones.

The corporate mentioned in a submitting to the Taiwan Inventory Trade late Monday that its Indian subsidiary plans to spend round $128 billion rupees on “partaking others to construct on owned land” for “operational wants”.

The assertion didn’t present any particulars, solely saying ” a supplemental firm noticed the potential to take a position a number of billion {dollars}” in India.

Foxconn operates in additional than two dozen international locations however the bulk of its operations relies in China — a dependence it’s trying to cut back after manufacturing was impacted by three years of strict COVID insurance policies, a bout of business unrest, and diplomatic tensions with the USA.

Chairman Younger Liu had mentioned throughout earnings name in August that the corporate noticed the potential to take a position “a number of billion {dollars}” in India.