Foxconn invests ₹461 crore in Bengaluru unit

Foxconn invests ₹461 crore in Bengaluru unit

Taiwanese electronics manufacturing services major Foxconn has infused $55.29 million (about ₹461 crore) in Bengaluru-based Foxconn Precision Engineering Private Limited, according to a regulatory filing.

The company has made the investment through its Singapore-based subsidiary Foxconn Singapore Pte Limited.

  • Also read: Telangana govt in talks with Foxconn for more investments

Foxconn Singapore has acquired about 46,08,76,736 shares at ₹10 each, amounting to around $55.29 million (₹460.87 crore), according to the filing.

Foxconn Precision Engineering was incorporated around six months ago.

  • Also read: Foxconn to invest another $1.6 billion in India in China+1 push

In July, Foxconn proposed to set up a ₹8,800-crore supplementary plant to that of its unit at the Devanahalli Information Technology Investment Region in Karnataka.

It has also bought 300 acres at Devanahalli.

According to the announcement made earlier by the Karnataka government, Foxconn is expected to create employment for about 50,000 people in the first phase at Devanahalli.


No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *