The company will manufacture solar panels and parts on contract basis, reported Nikkei.
Also, Hon Hai is said to be holding discussions with Japanese solar battery makers and parts manufacturers to begin its new business.
The company is keen on entering into a joint venture with a Japanese firm to launch its business in the country.
Nikkei cited a Hon Hai executive as stating, "We can reduce currency risks if we produce in Japan."
In addition, it is set to launch a production facility in the US and Czech Republic by the end of 2013.
Hon Hai, which reported solar power capacity of 30MW, is keen on increasing it by more than ten-fold to 400MW.
