Taiwanese electronics manufacturing services major Foxconn has injected $55.29 Mn (around INR 461 Cr) into its India’s Bengaluru unit Foxconn Precision Engineering Private Limited, as per a regulatory filing.
This investment was facilitated through Foxconn’s Singapore-based subsidiary, Foxconn Singapore Pte Limited.
As per the filing accessed by PTI, Foxconn Singapore acquired approximately 46,08,76,736 shares at INR 10 each, totalling around $55.29 Mn (INR 460.87 Cr). Foxconn Precision Engineering was incorporated around six months ago.
To ramp up iPhone manufacturing across India, Apple supplier Foxconn is planning to invest in Karnataka.
In December, Foxconn was planning to invest an additional INR 13,911 Cr ($1.67 Bn) in Karnataka, to further support the expansion of iPhone manufacturing in India.
In July, Foxconn proposed a supplementary plant with an investment of INR 8,800 Cr in Devanahalli, spanning a 300-acre land in Doddaballapur and Devanahalli taluks.
Foxconn is also expected to start manufacturing iPhones in the state by April 2024, a project expected to create around 50,000 jobs.
The Taiwan-based company, responsible for assembling approximately 70% of iPhones and holding the title of the world’s largest contract manufacturer, is strategically shifting its production away from China due to disruptions caused by COVID-19 and geopolitical tensions. Over the past year, Foxconn has significantly expanded its footprint in India, making substantial investments in manufacturing facilities in the southern part of the country.
In September, the company announced plans to double its India employment, investment and business size in one year.
The focus on India is not without reason. Its Indian arm clocked an annual turnover of $10 Bn at the end of the second quarter of 2023, the company said in August.
