Foxconn Invests Rs 461 Crore in Bengaluru Unit
Taiwanese electronics manufacturing leader Foxconn has invested USD 55.29 million (around Rs 461 crore) in Foxconn Precision Engineering Private Limited, based in Bengaluru, as stated in an official regulatory filing.
Foxconn's noteworthy investment was funneled through its Singapore-based subsidiary, Foxconn Singapore Pte Limited. The regulatory filing specifies that Foxconn Singapore acquired approximately 46,08,76,736 shares at Rs 10 per share, amounting to around USD 55.29 million (equivalent to Rs 460.87 crore). Foxconn Precision Engineering, established about six months ago, is now receiving this substantial capital infusion.
In a strategic move in July of the previous year, Foxconn announced plans to set up a new plant valued at Rs 8,800 crore, complementing its existing unit in the Devanahalli Information Technology Investment Region in Karnataka. Simultaneously, Foxconn acquired 300 acres of land in Devanahalli. According to an earlier statement from the Karnataka government, Foxconn's expansion is anticipated to create job opportunities for approximately 50,000 individuals in the initial phase at Devanahalli.
