May 20 (Reuters) - Apple ( AAPL ) 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 ( AAPL )
iPhones.
Apple ( AAPL ) 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 ( AAPL ) ramped up India production, exporting around
600 tons of iPhones worth $2 billion to the U.S.
($1 = 85.4420 Indian rupees)