Foxconn, the prominent Taiwanese electronics manufacturing services major, has injected $55.29 million (approximately Rs 461 crore) into Foxconn Precision Engineering Private Limited, based in Bengaluru, as revealed in a recent regulatory filing. The investment was made through Foxconn’s Singapore-based subsidiary, Foxconn Singapore Pte Limited.
The substantial investment involved the acquisition of approximately 46,08,76,736 shares at Rs 10 each, marking a strategic move by Foxconn to strengthen its presence and operations in India. Foxconn Precision Engineering, incorporated just six months ago, has become a focal point for the company’s expansion plans.
This development follows Foxconn’s proposal in July to establish a supplementary plant, investing Rs 8,800 crore, adjacent to its existing unit at the Devanahalli Information Technology Investment Region in Karnataka. The company has also acquired 300 acres of land in Devanahalli, signaling a commitment to its long-term growth strategy in the region.
The Karnataka government, in an earlier announcement, indicated that Foxconn’s expansion is anticipated to generate employment for approximately 50,000 people in the initial phase at Devanahalli, contributing significantly to the local economy.
Foxconn’s strategic investment in Foxconn Precision Engineering aligns with its vision for robust growth and technological advancement, further solidifying its position in the competitive electronics manufacturing landscape in India.
