Electronics manufacturing giant Foxconn has invested approximately Rs 1,200 crore (about $144 million) into its Karnataka-based unit, Foxconn Hon Hai Technology India Mega Development, according to a regulatory filing.
Foxconn’s Singapore-based arm, Foxconn Singapore Pte, acquired more than 120.35 crore shares of the Indian unit at Rs 10 per share on August 21.
The Karnataka government announced last week that Foxconn plans to invest Rs 25,000 crore to build a large manufacturing facility near Dodda Ballapur, which is expected to create 40,000 jobs.
Foxconn Chairman Young Liu noted that the new plant will become the second-largest Foxconn facility globally, after the one in China. Liu also mentioned that the company intends to explore investments in other sectors in the future.
With this latest investment, Foxconn Singapore has now committed over Rs 13,800 crore to its Karnataka operations.
The state government has allocated 300 acres for the new mobile manufacturing unit.