The plant has not been operational since 18 December 2021. Though it was to open and start functioning as early as 26 December the plant might only be operational by 30th December now
Foxconn India’s plant will remain shut for three more days till 20th December 2021. The decision was taken keeping a protest by workers in mind. These workers are protesting because of a food poisoning incident that had taken place at the Foxconn India plant located near Chennai during the third week of December.
It is worth mentioning here that the plant has not been operational since 18 December 2021. Though it was to open and start functioning as early as 26 December, a new report by Reuters points out that the plant might only be operational by 30th December now. This plant has recently started assembling Apple’s iPhone 13 models. It was already assembling iPhone 12 models when the protests had started.
Bharat FIH, Foxconn’s India’s subsidiary, has recently filed IPO papers with SEBI for Rs 5,004 crore. There is no infor on whether the food poisoning incident will leave a negative impact on the process or not. The IPO consists of a fresh issue of up to 25.02 billion shares. Bharat FIH, previously known as Rising Stars India, provides manufacturing and assembly services for Xiaomi’s mobile phones in India. It is known as the largest EMS provider in India, and has approximately 15 per cent market revenue share in FY 2021.
Bharat FIH, in its DRHP, noted it may require additional capital or financing from time to time, including for expansion of manufacturing facilities and investment in R&D. Bharat FIH is also exploring opportunities to export its products to overseas markets, including the Middle East and Africa.
Foxconn als has plans to start EV manufacturing in India by 2024. Foxconn’s Chairman Liu Young-way had earlier said that Foxconn will look to partner with the governments of the respective countries to start EV manufacturing. Bharat FIH has recently opened a research and development centre at the IIT Madras Research Park in Chennai, and plans to use it for designing end-to-end 5G devices.
