Hon Hai Precision Industry Co., Ltd. , from Taiwan, has finalized its grand investment project in Brazil, under a memorandum of understanding with the state government of Sao Paulo.

The investment project is designed to pour a total of 1 billion Brazilian real dollars into setting up a manufacturing base covering an area of one million square meters to turn out electronic parts, broadband equipment, digital cameras, touch panels, LEDs and printed circuited boards in the Itu, a city on the outskirts of Sao Paulo.

The manufacturing base is scheduled to roll in 2014 and then become fully operational in 2016, with output to be supplied for production of iPhone, iPad and other electronic devices.

The grand investment project was reportedly suspended for a while before, for a Brazilian nation-linked bank declined to finance Hon Hai’s investment until the Taiwanese company agreed to introduce newer technologies and manufacturing facilities as required by the Brazilian government into its display panel plant alongside the said manufacturing base.

With the new manufacturing base, Hon Hai will have a total of seven such bases in Brazil, with four located in Sao Paulo and the others in other states.