The investment subsidiary of Foxconn Technology Group, the world’s largest contract manufacturing giant, has written off an additional $40 million of its $200 million bet on Gurgaon-based online marketplace Snapdeal.  The latest write-down comes about nine months after the Hong Kong-listed unit of the Apple iPhone manufacturer announced that it had undertaken an impairment loss of $160 million. In its 2017 annual report, FIH Mobile stated the company had come to the view that its entire $200 million investment in Jasper Infotech, first announced in September 2015, cannot be recovered.

  • Foxconn Technology Group, the world’s largest contract manufacturing giant, has written off an additional $40 million of its $200 million bet on Gurgaon-based online marketplace Snapdeal.
  • The latest write-down comes about nine months after the Hong Kong-listed unit of the Apple iPhone manufacturer.
  • FIH Mobile stated the company had come to the view that its entire $200 million investment in Jasper Infotech.

Snapdeal’s fortunes plummeted with the company, which at one point was challenging Flipkart to grab the pole position in the country’s e-commerce sector, failing to increase or hold on to its market share. FIH Mobile is the unit for Foxconn that assembles non-Apple phones. It counts handset brands, such as Xiaomi and Huawei among its list of clients. FIH, along with parent company Hon Hai Precision Industry Co, are also investors in Hike Messenger.