By: Jackson Chang and Frances Huang
Taipei, Feb. 24 (CNA) Taiwan-based Hon Hai Precision Industry Co. (鴻海), the world’s largest contract electronics maker, said Friday that it will set up a joint venture with Japanese telecom giant SoftBank Group Corp. to seek new investment opportunities.
In a statement, Hon Hai, also known as Foxconn outside Taiwan, said that through its subsidiary Foxconn (Far East) Ltd., it will invest US$600 million to set up the joint venture with SoftBank.
Hon Hai is expected to take a 54.5 percent stake in the new company, SoftBank capital APAC Pte. Ltd., according to the statement. [FULL STORY]