NEW DELHI: Foxconn, a major electronics manufacturing giant made an investment of around Rs 1,200 crore (roughly $144 million) in its Indian subsidiary, Foxconn Hon Hai Technology India Mega Development Pvt Ltd, located in Karnataka, the company said in a recent regulatory filing.
The investment was made on August 21 by Foxconn’s Singapore-based arm, Foxconn Singapore Pte, which acquired more than 120.35 crore shares of the Indian entity at a price of Rs 10 per share.
Foxconn Chairman Young Liu said: “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.”
The government of Karnataka recently announced that Foxconn has plans to invest a substantial sum of Rs 25,000 crore to establish a massive manufacturing plant near Dodda Ballapur, generating employment opportunities for approximately 40,000 people.
With the latest infusion, Foxconn Singapore has invested more than Rs 13,800 crore in its Karnataka unit and to facilitate Foxconn’s forthcoming mobile manufacturing facility, the Karnataka government has designated a substantial 300-acre plot of land for the company’s use within the state.
(With input from PTI)
The investment was made on August 21 by Foxconn’s Singapore-based arm, Foxconn Singapore Pte, which acquired more than 120.35 crore shares of the Indian entity at a price of Rs 10 per share.
Foxconn Chairman Young Liu said: “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.”
The government of Karnataka recently announced that Foxconn has plans to invest a substantial sum of Rs 25,000 crore to establish a massive manufacturing plant near Dodda Ballapur, generating employment opportunities for approximately 40,000 people.
With the latest infusion, Foxconn Singapore has invested more than Rs 13,800 crore in its Karnataka unit and to facilitate Foxconn’s forthcoming mobile manufacturing facility, the Karnataka government has designated a substantial 300-acre plot of land for the company’s use within the state.
(With input from PTI)
