Foxconn invests Rs1,200cr in Karnataka plant
image for illustrative purpose
New Delhi: Electronics manufacturing giant Foxconn has infused about Rs1,200 crore ($144 mn) into its Karnataka-based Foxconn Hon Hai Technology India Mega Development Pvt Ltd, the company said in a recent regulatory filing.
The iPhone contract manufacturer’s Singapore-based arm Foxconn Singapore Pte has bought over 120.35 crore stocks of Foxconn Hon Hai Technology India Mega Development Pvt Ltd at Rs10 per share on August 21. The Karnataka government in a statement last week said Foxconn is planning to invest Rs25,000 crore to establish a massive manufacturing plant near DoddaBallapur that will create 40,000 jobs.
“The unit in Karnataka will soon become the second-largest Foxconn plant after China’s unit. It will create 40,000 direct jobs, especially for middle-level educated individuals, and our investment will not stop here; in the future, we plan to explore other sectors also,” Foxconn Chairman Young Liu was quoted as saying in the statement.
With the fresh infusion, Foxconn Singapore has invested over Rs13,800 crore in the Karnataka unit. The Karnataka government has allocated 300 acres to Foxconn for its upcoming mobile manufacturing unit in the State.
