Electronics giant Foxconn has made a significant investment of approximately Rs 1,200 crore (around USD 144 million) into its subsidiary in Karnataka, Foxconn Hon Hai Technology India Mega Development Pvt Ltd. This investment, disclosed in a recent regulatory filing, was made by it’s Singapore-based entity, Foxconn Singapore Pte, which acquired over 120.35 crore shares at Rs 10 per share on August 21.
This infusion is part of it’s broader strategy to establish a major manufacturing facility near Dodda Ballapur in Karnataka. The Karnataka government recently revealed that it plans to invest Rs 25,000 crore in the new plant, which is expected to create around 40,000 direct jobs, particularly targeting those with mid-level education.
Company Chairman Young Liu has confirmed that the upcoming facility in Karnataka will become the company’s second-largest manufacturing plant globally, following its primary unit in China. Liu emphasized that the investment marks just the beginning, with future plans to explore additional sectors.
With this latest capital injection, Foxconn Singapore’s total investment in the Karnataka unit has now exceeded Rs 13,800 crore. The state government has allocated 300 acres of land for the construction of the mobile manufacturing plant, highlighting the strategic importance of this project.
