Foxconn buys 10% stake in MoMagic

Foxconn International Holdings (FIH) Mobile's subsidiary has bought 10% stake in Delhi-based mobile Internet Company MoMagic Technologies for an undisclosed amount. This comes as the Taiwan-based company plans to expand it’s India business.

FIH and MoMagic aim to tap significant business opportunities in the world's fastest-growing mobile internet and smartphone market.

Charles Pan, Special Assistant to Chairman & Chief Investment Director, FIH Mobile Ltd., said, "Our investment in MoMagic Technologies is in line with our Group's goal of strengthening FIH's ability to tap the huge potential of the country's emerging mobile Internet and fast-growing smartphone markets. MoMagic has been successful in building a strong customer base and deep understanding of the Indian market, and we believe that this investment will support FIH in building on our core competencies in innovative mobile technology solutions to better serve customers and consumers in this strategic market."


The investment also underscores FIH's commitment to actively collaborate with technology companies in India to create a positive industry ecosystem for innovation and business opportunities, the companies said in a joint statement Monday.