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.

Published on: Aug 24, 2024, 09:15:53 IST

PTIPosted by Yamini C S

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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.

FILE PHOTO: The logo of Foxconn is seen outside the company's building in Taipei, Taiwan, (REUTERS)

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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.

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"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.

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The Karnataka government has allocated 300 acres to Foxconn for its upcoming mobile manufacturing unit in the state.

ABOUT THE AUTHOR
Yamini C S
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.Read More