<ul data-eligibleForWebStory="true"><li>Foxconn, also known as Hon Hai, has received approval for investments totaling over $2.2 billion in the US and India.</li><li>The investment in India includes $1.49 billion to set up a new facility for manufacturing smartphone components.</li><li>Foxconn is diversifying its production beyond China, with India seen as a key destination for iPhone manufacturing.</li><li>Nearly 97 percent of iPhones assembled in India between March and May this year were exported to the US.</li><li>India's role in iPhone manufacturing is growing, with exports estimated at $3.2 billion.</li><li>Foxconn is proceeding with investments in India despite pressure to bring production back to the US.</li><li>Experts predict that India-made iPhones could make up 30 percent of global shipments by 2025.</li><li>Hon Hai is expanding its production footprint globally, with plants and offices in various countries.</li><li>The investments reflect Foxconn's efforts to reduce dependency on single markets and de-risk its supply chain.</li></ul>

Foxconn to Invest $1.49 Billion to Set Up iPhone Manufacturing Facility in India

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