Apple (NASDAQ:AAPL) partner Foxconn, also known as Hon Hai Precision Industry (OTC:HNHPF), is splashing out a whopping $500 million to establish a new manufacturing hub in the Indian state of Telangana, according to the state’s IT minister, K.T. Rama Rao. The first phase of this venture alone is set to generate a hefty 25,000 jobs.
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Notably, Foxconn is the manufacturer of a hefty chunk of Apple’s products, ranging from the iPhone to AirPods. Recently, Apple and its manufacturing partners, including Foxconn, have been broadening their footprint in India. In addition, while visiting India in April, Apple’s CEO, Tim Cook, met with Prime Minister Narendra Modi and reiterated Apple’s commitment to expand and invest across the nation.
Overall, Apple stock has a Strong Buy consensus rating based on 23 Buys, four Holds, and one Sell assigned in the past three months. However, its $182.56 per share price target implies only 6% upside potential.