Foxconn Invests $144 Million In Karnataka Facility
With the fresh infusion, Foxconn Singapore has invested over Rs 13,800 crore in the Karnataka unit.
Electronics manufacturing behemoth Foxconn has invested roughly Rs 1,200 crore, equivalent to about $144 million, into its subsidiary, Foxconn Hon Hai Technology India Mega Development Pvt., in Karnataka, as per the latest regulatory filing.
On Aug. 21, Foxconn Singapore Pte, the company's Singapore-based division, acquired 120.4 crore shares of Foxconn Hon Hai Technology India Mega Development at the rate of Rs 10 per share.
Last week, the Karnataka government announced that Foxconn intends to invest Rs 25,000 crore in setting up a large manufacturing facility near Doddaballapur, which is expected to generate 40,000 jobs.
"Karnataka's facility will rapidly become Foxconn's second-largest plant following the one in China. It will generate 40,000 direct jobs, predominantly for individuals with mid-level education. Our investment will continue; we aim to expand into other sectors as well," stated Foxconn Chairman Young Liu.
With the fresh infusion, Foxconn Singapore has invested over Rs 13,800 crore in the Karnataka unit.
The Karnataka government has allocated 300 acres to Foxconn for its upcoming mobile manufacturing unit in the state.
(With PTI Inputs)
