In­dia’s Snapdeal to get big in­vest­ment from Hon Hai

The China Post - - LOCAL -

Tai­wan elec­tron­ics gi­ant Fox­conn said Tues­day it would in­vest US$200 mil­lion in lead­ing In­dian online mar­ket­place Snapdeal as part of ef­forts to tap a huge po­ten­tial mar­ket.

Fox­conn’s fully-owned sub­sidiary in Sin­ga­pore Won­der­ful Stars will ac­quire a 4.27 per­cent stake in Snapdeal, ac­cord­ing to a state­ment re­leased by Fox­conn.

The in­vest­ment came af­ter Terry Gou, founder of the Fox­conn group, signed a mem­o­ran­dum of un­der­stand­ing with Deven­dra Fad­navis, chief min­is­ter of the western In­dian state of Ma­ha­rash­tra, early this month to in­vest US$5 bil­lion in a new plant.

Fox­conn, the sup­plier to Ap­ple also known as Hon Hai Pre­ci­sion In­dus­try, is the world’s largest com­puter com­po­nents man­u­fac­turer and also as­sem­bles prod­ucts for Sony and Nokia.

Set­ting up a fa­cil­ity in In­dia could help cut Fox­conn’s labour costs and boost sales of iPhones in a coun­try that boasts 952 mil­lion mo­bile con­nec­tions.

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