HON Financial News

Foxconn sees potential of investing several billions of dollars in India if it gets to completely implement its plan, a top official of the company said. Hon Hai Technology Group (Foxconn) Chairman and CEO Young Liu during the company's second quarter earnings call on Friday said that the company's Indian arm has achieved the turnover of close to $10 billion on an annual basis and there is a lot of investment potential in India. «Foxconn annual revenue was $200 billion.

FIT Hon Teng's (Foxconn) board approved a $400-million investment in Telangana, Foxconn India representative V Lee said in a LinkedIn post. This is in addition to an earlier commitment of $150 million Foxconn had made in the state. «FIT Singapore intends to inject a capital sum of $400,000,000 into Chang Yi Interconnect Technology (India) Pvt Ltd, in which FIT Singapore holds 99.99% of the capital stock,» FIT Hon Teng said in a filing to the Hong Kong Stock Exchange on Friday that was posted by Lee.

Taiwan-based Foxconn has revealed plans to increase their investment in India by ‘another $400 million’. Apple's biggest supplier is likely to use its upcoming Kongarkalan facility for the manufacture of AirPods and other digital accesories. The company had laid the foundation for a new electronics manufacturing facility in May this year as part of its USD 500 million investment in Karnataka "…FIT Singapore's proposal to make a capital injection of US$ 400,000,000 to Chang Yi Interconnect Technology (India) Private Limited, which is held by FIT Singapore as to 99.99 per cent of the capital stock," FIT Hon Teng informed the Hong Kong Stock Exchange on Friday.

Telangana, V Lee, Foxconn India representative said in a social media post. Taiwan-based contract manufacturer Foxconn is Apple's biggest supplier. "...FIT Singapore's proposal to make a capital injection of US$ 400,000,000 to Chang Yi Interconnect Technology (India) Private Limited, which is held by FIT Singapore as to 99.99 per cent of the capital stock," FIT Hon Teng informed the Hong Kong Stock Exchange on Friday.

Hindi imposition’. The three bills have been named Bharatiya Nyaya Sanhita (BNS) Bill, 2023; Bharatiya Nagarik Suraksha Sanhita (BNSS) Bill, 2023; and Bharatiya Sakshya (BS) Bill, 2023 will replace the Indian Penal Code, 1860, Criminal Procedure Act, 1898, and the Indian Evidence Act, 1872 respectively.

Hon Hai Technology Group (Foxconn) has signed up with the Karnataka government, offering to invest about $600 million, or nearly Rs 5,000 crore, in two iPhone component manufacturing projects, expected to create nearly 13,000 jobs. A Foxconn team led by chairman Young Liu formally signed a letter of intent (LoI) with the government after Industries Minister MB Patil, IT/BT Minister Priyank Kharge, Additional Chief Secretary (IT/BT) EV Ramana Reddy and Industries Commissioner Gunjan Krishna held talks with the team in Chennai on Monday. ET reported on Tuesday that Foxconn may invest up to $500 million for a new unit near Bengaluru airport to make smartphone accessories.

Foxconn may invest up to $500 million to set up a new unit near the Kempe Gowda international airport in Bengaluru to make smartphone accessories, multiple sources aware of the development told ET. The investment is likely to be done by Foxconn Industrial Internet (FII), a subsidiary of Foxconn. Earlier in the day, Foxconn Industrial Internet (FII), a subsidiary of Foxconn signed a memorandum of understanding with Guidance Tamil Nadu to establish a new manufacturing facility in Kancheepuram district for electronics components.

Foxconn chairman Young Liu on Friday said India and Taiwan could be partners in the development of a robust semiconductor ecosystem in India. Speaking at the Semicon 2023 in Gandhinagar, Gujarat, Liu said that he was optimistic about the direction and the roadmap of India's semiconductor plan.

Vedanta Group is in talks with three different partners to set up a semiconductor foundry, a packaging and testing unit and a chip designing unit, the group's chairman Anil Agarwal said. Speaking to reporters on the sidelines of the Semicon 2023 event in Gandhinagar, Gujarat, Agarwal said that the company was looking to roll out the first made in India chips within the next two-and-a-half years.

Foxconn unit, which sells components to the likes of Apple and Lenovo to garner about a third of the Taiwanese contract manufacturer's aggregate revenue, is looking to build an operational facility in Tamil Nadu by next year, multiple people aware of the discussions told ET. Foxconn's parent company Hon Hai Technology already has large existing facilities in Tamil Nadu and is looking to further ramp up these sites. For instance, it manufactures iPhones for Apple exclusively in a facility in Sriperumbudur near Chennai.

Goa legislative assembly on Tuesday congratulated Prime Minister Narendra Modi on being conferred with the 'Order of the Nile', Egypt's highest honour. The motion congratulating the prime minister was moved on the first day of the monsoon session on Tuesday.

IIT Delhi's Abu Dhabi campus will offer Master's courses from January 2024, and Bachelor's courses from September next year. Union education minister Dharmendra Pradhan said, “IIT Delhi's Abu Dhabi campus to set template for leveraging power of knowledge for mutual prosperity and global good". Prime Minister Narendra Modi is currently on an official visit to the United Arab Emirates (UAE).

Anil Agarwal’s Vedanta Resources Ltd. are on underscored by losses in some bonds of the commodity giant.

Fadnavis on Wednesday said the Centre has increased from Rs three lakh to Rs six lakh the income criterion for the economically weaker section seeking affordable housing in partnership under the Pradhan Mantri Awas Yojana (PMAY) for the Mumbai metropolitan region. «Thank you Hon PM Narendra Modi ji & Hon Union Minister Hardeep Singh Puri ji for enhancing EWS income criteria from ₹3 lakh to ₹6 lakh for AHP vertical under #PMAY for the Mumbai Metropolitan Region (MMR) on Maharashtra Government's request,» Fadnavis said.

Apple iPhone manufacturer Foxconn has announced it is backing out of a $19.5 billion semiconductor joint venture with Indian mining conglomerate Vedanta Ltd

India's Vedanta has lined up partners for its semiconductor manufacturing venture in the country, group chairman Anil Agarwal said on Wednesday, days after its joint-venture partner Foxconn pulled out of the chipmaking project. Foxconn withdrew from a $19.5 billion semiconductor joint venture with the metals-to-oil conglomerate earlier this week.

Foxconn has told the government it wants to set up at least four to five semiconductor fabrication lines in India, people aware of the development told ET. Foxconn said it was “working toward submitting an application” under the India Semiconductor Mission in a separate statement on Tuesday.

New Delhi: A day after withdrawing from the $19.5 billion joint venture (JV) with Vedanta, the world’s largest contract manufacturer Foxconn said it remains committed to building India’ssemiconductor ecosystem and will begin afresh with new partners. In a statement Foxconn said it has initiated talks with both Indian as well as global companies for a potential partnership and will resubmit its application to the government under the Modified Programme for Semiconductors and Display Fab Ecosystem policy.

Vedanta declined almost three per cent in morning trade on BSE on Tuesday, a day after Taiwan-based firm Foxconn said it had decided to pull out of a $19.5 billion semiconductor joint venture (JV) with Vedanta. The stock opened at ₹275 against the previous close of ₹282.25 and fell 2.6 per cent to ₹274.90 soon.

Vedanta and Foxconn terminated their joint venture to make semiconductors in India by “mutual agreement” to “explore more diverse development opportunities,” the Taiwanese component maker said Monday. Hon Hai Technology Group (Foxconn) and Anil Agarwal-led Vedanta had announced their joint venture to manufacture chips and display panels in India in February 2022, making it one of the first few participants in the government’s strategically crucial India Semiconductor Mission. Vedanta said Monday it had “lined up other partners to set up India’s first (chip) foundry”.

Quito, a technical glitch in one of the world's highest tourist cable cars left dozens of people trapped overnight. The gondola system came to a halt, stranding approximately 75 visitors in the cabins. The municipality of Quito confirmed that all 75 individuals were safely brought to the ground after an extensive operation involving firefighters and the police. The rescue operation lasted nearly 10 hours as authorities worked diligently to address the electrical problem that paralyzed the system. Among those trapped, 48 individuals were located at the uppermost terminal, situated at an altitude of approximately 4,000 meters (13,120 feet). They were successfully rescued and brought to safety by the rescue teams. Furthermore, 17 people were rescued from the gondolas that were stuck on the cable line. The remaining 10 individuals were able to reach the ground once the system resumed operation. Video footage shared on the municipality's Twitter account captured the dramatic scenes of the rescue operation. People were seen being abseiled down from the gondolas to ensure their safe descent. Other passengers, including children, emerged from their cabins wrapped in emergency blankets as their cabins made a successful return to the ground. The Quito Cable Car, also known as the Telefériqo, stands as one of the highest cable cars in South America, reaching an altitude of over 3,947 meters (12,950 feet) above sea level, as stated on its official website. The cable car journey covers a distance of more than 2,500 meters (about 1.55 miles) and takes approximately 18 minutes. Passengers are treated to breathtaking views of the Quito cityscape and the surrounding mountains throughout the ride.