E-Paper
iPhone-maker Foxconn infuses ₹1,200 crore in Karnataka unit
The Karnataka government said Foxconn is planning to invest ₹25,000 crore to establish a massive manufacturing plant near Dodda Ballapur.
Electronics manufacturing giant Foxconn has infused about ₹1,200 crore -- approximately USD 144 million -- into its Karnataka-based Foxconn Hon Hai Technology India Mega Development Pvt Ltd, the company said in a recent regulatory filing.
ALSO READ | Bangalore Weather and AQI Today: Warm start at 20.6 °C, check weather forecast for August 24, 2024
The iPhone contract manufacturer's Singapore-based arm Foxconn Singapore Pte has bought over 120.35 crore stocks of Foxconn Hon Hai Technology India Mega Development Pvt Ltd at ₹10 per share on August 21.
The Karnataka government in a statement last week said Foxconn is planning to invest ₹25,000 crore to establish a massive manufacturing plant near Dodda Ballapur that will create 40,000 jobs.
ALSO READ | Bengaluru's massive 250 meter sky deck gets Karnataka cabinet approval. Full details
"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," Foxconn Chairman Young Liu was quoted as saying in the statement.
With the fresh infusion, Foxconn Singapore has invested over ₹13,800 crore in the Karnataka unit.
ALSO READ | Bengaluru airport cab ride to get dearer for passengers after new pick-up point tariffs. Full details
The Karnataka government has allocated 300 acres to Foxconn for its upcoming mobile manufacturing unit in the state.
Stay updated Bengaluru Weather Live and with all the Breaking News and Latest News from Bengaluru. Click here for comprehensive coverage of top cities including Delhi, Mumbai, Hyderabad, and more across India . Stay informed on the latest happenings in World News.
