"Foxconn Injects ₹461 Crore Investment into Bengaluru Facility"

Taiwanese electronics manufacturing services giant Foxconn has made a significant investment of $55.29 million (approximately ₹461 crore) in Foxconn Precision Engineering Private Limited, a Bengaluru-based entity, as per a recent regulatory filing.

This investment was carried out through Foxconn's Singapore-based subsidiary, Foxconn Singapore Pte Limited. The transaction involved the acquisition of approximately 46,08,76,736 shares, each valued at ₹10, totaling the substantial sum of $55.29 million (₹460.87 crore), as detailed in the regulatory filing.

Foxconn Precision Engineering Private Limited, incorporated just six months ago, has emerged as a strategic focus for Foxconn's investment efforts. In a notable move, Foxconn proposed the establishment of an ₹8,800-crore supplementary plant in addition to its existing unit within the Devanahalli Information Technology Investment Region in Karnataka. Alongside this, Foxconn has acquired 300 acres of land in Devanahalli.

As part of this expansion initiative, the Karnataka government's earlier announcement highlighted Foxconn's potential to generate employment opportunities for approximately 50,000 individuals in the initial phase at Devanahalli. This investment signals Foxconn's commitment to furthering its presence in the region, contributing to both economic development and job creation.

HBL