New Delhi, June 25 -- Taiwanese electronics giant Hon Hai Precision Industry Co., also known globally as Foxconn, has received government approval to invest over USD 2.2 billion in India and the United States, reported Focus Taiwan.

This approval was given by Taiwan's Ministry of Economic Affairs. Out of the total amount, around USD1.49 billion will go to Foxconn's Singapore subsidiary.

Singapore subsidiary will use the fund to invest in Yuzhan Technology (India) Private Ltd., another Foxconn subsidiary. This investment will help build a new factory in India to produce iPhones and their components.

Experts believe this move is part of Foxconn's plan to shift some production out of China due to trade tensions with the United States. Ind...