Foxconn’s India unit Bharat FIH files for Rs 5000 cr IPO
- ByStartupStory | December 23, 2021
Foxconn Technology Group company Bharat FIH, a top domestic electronic manufacturing services ( EMS) player and the largest mobile phone maker to market leader Xiaomi, has filed papers with Sebi to raise around Rs 5,000 crore via an IPO. The Hong Kong-listed FIH Mobile Ltd India unit Bharat FIH Ltd filed for an initial public offering of up to 50.04 billion rupees ($662.97 million) on 22nd of December, according to its draft prospectus.
” Since March 2021 we have been expanding our business into industries other than mobile phones, with a focus on high-growth industries that benefit from market tailwinds, including mechanics, electric vehicles, televisions, and hearables. Some of these industries are expected to benefit from regulatory support such as production-linked incentive schemes (“PLIs”), which are part of the Government of India’s “Atma Nirbhar Bharat Abhiyan”, or Self-Reliant India, campaign, which seeks to provide a range of PLIs and other benefits for manufacturing in India.” the firm said in a statement.
Bharat FIH conducts its operations across three campuses based in the states of Andhra Pradesh and Tamil Nadu in India, each of which integrates manufacturing, warehousing, logistics and accommodation facilities. The campuses comprise an aggregate of 94 production lines, consisting of 29 surface mount technology (SMT) lines, 35 assembly lines and 30 sub-assembly mechanics lines.
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