Taiwanese electronics manufacturing giant, Foxconn, has injected USD 55.29 million (approximately Rs 461 crore) into Foxconn Precision Engineering Private Limited, headquartered in Bengaluru, as confirmed by a regulatory filing.
This significant investment has been channeled through Foxconn’s Singapore-based subsidiary, Foxconn Singapore Pte Limited. The filing delineates that Foxconn Singapore acquired roughly 46,08,76,736 shares at Rs 10 per share, totaling around USD 55.29 million (equivalent to Rs 460.87 crore).
The relatively recent incorporation of Foxconn Precision Engineering, around six months prior, has now seen this substantial infusion of capital.
In a strategic move last July, Foxconn outlined plans to establish an additional plant valued at Rs 8,800 crore, supplementing its existing unit within the Devanahalli Information Technology Investment Region in Karnataka. Concurrently, Foxconn secured 300 acres of land in Devanahalli.
As per an earlier declaration by the Karnataka government, Foxconn’s expansion is poised to generate employment opportunities for approximately 50,000 individuals in the initial phase at Devanahalli.
