Foxconn Invests Rs 1,200 Crore In Indian Subsidiary, Expanding Karnataka Operations
Date
8/24/2024 2:45:20 PM
(MENAFN- KNN India)
New Delhi, Aug 24 (KNN) Foxconn, the global Electronics manufacturing powerhouse, has made a significant investment of approximately Rs 1,200 crore in its Indian subsidiary, Foxconn Hon Hai technology India Mega Development Pvt Ltd, according to a recent regulatory filing.
The investment, executed on August 21, was made through Foxconn's Singapore-based arm, Foxconn Singapore Pte, which acquired over 120.35 crore shares of the Indian entity at Rs 10 per share.
Foxconn Chairman Young Liu stated that the Karnataka unit is poised to become the company's second-largest plant globally, following its China facility.
Liu projected that the plant will generate 40,000 direct jobs, primarily for individuals with mid-level education. He also hinted at potential future investments in other sectors.
The Karnataka government has allocated a 300-acre plot of land to facilitate Foxconn's upcoming mobile manufacturing facility.
This move aligns with the government's recent announcement of Foxconn's plans to invest Rs 25,000 crore in establishing a large-scale manufacturing plant near Dodda Ballapur, which is expected to create employment for approximately 40,000 people.
With this latest capital injection, Foxconn Singapore's total investment in its Karnataka unit has surpassed Rs 13,800 crore.
This substantial investment underscores Foxconn's growing commitment to its Indian operations and signals a significant expansion of its manufacturing footprint in the country.
(KNN Bureau)
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