India, June 27 -- Taiwanese electronics major Hon Hai Precision Industry Co, also known as Foxconn,has reportedly secured approval from Taiwan's ministry of economic affairs to invest more than $2.2 Bn in India and the US.

A Focus Taiwan report said that a major portion, $1.49 Bn, will be routed through Foxconn's Singapore-based subsidiary into Yuzhan Technology (India) Private Limited, another Foxconn entity.

The capital will be used to set up a new manufacturing facility in India aimed at launching smartphone components, the report added.

The move comes at a time when Foxconn is planning to double down on iPhone manufacturing in India. Earlier this year it was reported that Foxconn plans to increase its manufacturing of iPhones to 25...