The company said that the capital injection is currently scheduled to be effected in December 2023.
Bharat FIH, formerly known as Rising Stars Mobile India is a Foxconn Technology Group company which established its first unit in 2015 at Sri City in Andhra Pradesh.
In 2017, the company expanded its manufacturing operations to Sunguvarchatram and Sriperumbudur near Chennai. It expanded its capabilities to manufacturing of casings, mechanics and components, PCBA and final assembly of mobile devices.
It has a diverse portfolio that includes manufacturing of mobile phones, EV, telecom networks and equipment, televisions, hearables and mechanics and work with various brands in the respective spaces including Xiaomi.
“The principal activities of Rising Stars Hi Tech are to carry on business of manufacturers and sellers of hi-tech electronic and electrical products (including, without limitation, televisions, EVs, telecommunication decides and IT hardware and components,” it said in its filing on the stock exchange of Hong Kong, dated December 5 and signed by signed by Acting Chairman Chuh Yu Yang.
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The company said that subject to the completion of necessary formalities and procedures under the applicable Indian laws and regulations, following the capital injection when effected, the total issued share capital of Rising Stars Hi Tech would be increased to Rs 450 crores. This announcement comes a week after Foxconn said it would invest more than $1.5 billion in an Indian construction project to fulfill the Apple supplier’s “operational needs.” The investment was made through a Foxconn subsidiary, Hon Hai Technology India Mega Development, which has been registered in Maharashtra since 2015.
Foxconn has a large presence in Tamil Nadu – both Bharat FIH and Hon Hai Technology – operate in Sriperumbudur near Chennai. In fact, Foxconn Chairman Young Liu made a visit to the state in July where he inked an agreement with the government to invest Rs 1,600 crore in a new mobile components manufacturing facility in Kancheepuram which was expected to generate 6000 jobs.
The latest announcement by FIH Mobile comes as the state is gearing up for the Global Investors Meet (GIM) in January, 2024 that is aimed to facilitate domestic and foreign investments in the state.
In October, Foxconn spoke about the “beginning of the Bharat era” when its India representative V Lee posted on LinkedIn photos of the company’s Hon Hai Technology Day 2023 that took place on October 18 and captioned it, “Great event with so much India ambitions, beginning of the Bharat era, devoting to EVs and semiconductors.”
In September, ET reported that Foxconn was evaluating several states, including Tamil Nadu, where the Taiwanese company has mature operations.
Lee had responded to a post on LinkedIn that featured an ET report about Tamil Nadu emerging as a hub for EV investments with the comment, “Coming,” signalling the company’s interest in possibly choosing Tamil Nadu as the safe harbour for its ambitious electric vehicle (EV) plans.
“Foxconn is exploring EV opportunities with few states in India, including Tamil Nadu,” Lee told ET. “Our Chairman (Young Liu) too has said that regionalised production for cars is natural which is why we had our factory in Ohio and we are going to have one in Thailand. He also said that very soon we will have one in India.”
In fact, in its annual report published on May 31, Foxconn said India will assist with the setting up of a production line this year to provide two-wheeled EV manufacturing services that will cater to the electric two-wheeler market in Southeast Asia.
