Dip in Xiaomi orders hit Foxconn’s Bharat FIH, affect operations, IPO plans

Foxconn group’s Bharat FIH is in the process of winding up its operations at Sri City in Andhra Pradesh due to decline in orders from a major consumer, Xiaomi.

According to a source privy to the development, Bharat FIH stopped its level-10 operations on June 30 and is now shifting some other operations to Sriperumbudur near Chennai. This has affected the company’s plans to come out with a Rs 5,000-crore initial public offering (IPO).