Foxconn group's subsidiary acquires stake in MoMagic

Foxconn Technology Group's subsidiary FIH Mobile Ltd said on Monday it has made an investment to acquire 10 percent stake in mobile internet company MoMagic Technologies.

FIH is investing in MoMagic -- a MediaTek-invested technology company -- to further strengthen its business presence in India, said a company statement.

"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," it said.

The investment has been made by FIH's subsidiary, Wonderful Stars Pte. Ltd.

"Our investment ... 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," said Charles Pan, special assistant to FIH Mobile's chairman.

MoMagic works across widely used mobile platforms and in the area of mobile Internet services, offering technology-backed innovative and analytically-driven marketing solutions to enterprises, startups and ecommerce players as well as better reach and service to customers.