Apple supplier Foxconn will invest $1.5 billion in its India unit, the company said in a filing, as the iPhone maker shifts more manufacturing out of tariff-hit China. Foxconn's Singapore-based subsidiary will buy 12.

Foxconn is investing $1.5 billion in its Singapore subsidiary, Hon Hai, which is building and expanding plants in India, according to Bloomberg. A stock exchange filing describes this as a "long term investment,

Foxconn has made a $1.5 billion investment into its India arm, a move that will almost certainly fund its expansion of iPhone production in the country.