India, June 26 -- Taiwanese electronics manufacturing giant Foxconn's Singapore subsidiary has acquired 351.73 Mn shares in its India subsidiary Foxconn Hon Hai Technology India Mega Development Pvt Ltd. The company acquired the shares for $37.2 Mn (about Rs.352 Cr), according to stock exchange filings.

Foxconn noted in filings that the acquisition is a long-term investment funded through private capital, highlighting the contract manufacturer's expansion plans in India amid increasing demand for Apple products, broader global supply-chain diversification initiatives, and India's push to scale domestic electronics production.

Following the transaction, Foxconn Singapore holds 23.18 Bn shares in the Indian unit, representing nearly 100% ...