 "bharat fih")
Bharat FIH will be investing a substantial capital of Rs 400 crore into its wholly-owned subsidiary, Rising Stars Hi-Tech. This investment aims to enhance capabilities in electronic and electrical product manufacturing. Bharat FIH is the Indian entity of FIH Mobile, which is a subsidiary of Hon Hai Precision, better known as Foxconn. The announcement was made by FIH Mobile, according to a report by The Economic Times (ET), and is scheduled for December 2023.
This investment is a long-term commitment for working capital and general corporate purposes for Rising Stars Hi Tech. While the scheduled capital injection is expected to be executed in December 2023, it is subject to necessary formalities and procedures under Indian laws and regulations.
The capital injection, upon completion, will increase the total issued share capital of Rising Stars Hi Tech to Rs 450 crores, added the ET report. This strategic move aligns with Foxconn's continuous efforts to expand its foothold in India, with the recent announcement coming a week after a $1.5 billion investment in an Indian construction project by the technology giant.
Bharat FIH, formerly known as Rising Stars Mobile India, was established in 2015 at Sri City in Andhra Pradesh. It expanded operations to Sunguvarchatram and Sriperumbudur near Chennai in 2017. The company has diversified its portfolio to encompass the manufacturing of mobile phones, EVs, televisions, hearables, and more. It has also collaborated with various brands, including Xiaomi.
In its filing on the Hong Kong stock exchange dated December 5, Acting Chairman Chuh Yu Yang outlined that Rising Stars Hi Tech focused on manufacturing and selling hi-tech electronic and electrical products, including televisions, EVs, telecommunication devices, and IT hardware and components.
