Electronics manufacturing giant Foxconn has invested about Rs 1,200 crore (about $144 million) in its Karnataka-based company Foxconn Hon High Technology India Mega Development Private Limited. Foxconn Singapore Private, the Singapore unit of the contract iPhone maker, bought more than 120.35 crore shares of Foxconn Hon High Technology India Mega Development Private Limited at Rs 10 per share on August 21.
40 thousand jobs will be created
The Karnataka government said in a statement last week that Foxconn plans to invest Rs 25,000 crore to set up a huge manufacturing plant near Dodda Ballapur, which will create 40,000 jobs. Foxconn Chairman Young Liu was quoted as saying in a statement, “This unit in Karnataka will soon be Foxconn’s second largest plant after China. It will create 40,000 direct jobs, especially for middle-level educated individuals. Our investment will not stop here. In the future, we plan to explore possibilities in other areas as well.”
Total investment of Rs 13,800 crore
With the recent investment, Foxconn Singapore has invested a total of over Rs 13,800 crore in the Karnataka unit. The Karnataka government has allotted 300 acres of land to Foxconn for its upcoming mobile manufacturing unit in the state.
