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Adani Says in Talks With Foxconn for Joint Venture, No Deal Yet

Adani Says in Talks With Foxconn for Joint Venture, No Deal Yet

By Reuters | Updated: 4 August 2015 18:30 IST

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Conglomerate Adani Enterprises Ltd said on Tuesday it was in discussions with Taiwan's Foxconn, the trade name for Hon Hai Precision Industry Co Ltd, for a joint venture, though no agreement had been signed.

A local television channel reported earlier on Tuesday that the company was planning a joint venture worth $5 billion (roughly Rs. 32,038 crores) with Foxconn to build components for companies like Apple Inc and Amazon.

"We are at the discussion stage only and have not signed any agreement which requires disclosure," the company said in a filing.

Foxconn is the world's largest contract maker of electronic products and counts companies like Apple, BlackBerry, Motorola, Huawei and Xiaomi as clients.

© Thomson Reuters 2015

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Further reading: Adani, Foxconn, Mobiles, Apple, Hon Hai