Renowned Taiwanese electronics company Foxconn invests Rs. 461 crores in its Bengaluru unit
According to a regulatory filing, Foxconn, a prominent Taiwanese electronics manufacturing services provider, has invested $55.29 million, or approximately Rs. 461 crore, in Foxconn Precision Engineering Private Ltd., which is situated in Bengaluru.
Through its subsidiary, Foxconn Singapore Pte Ltd., which is situated in Singapore, the business has invested.
According to the filing, Foxconn Singapore has purchased approximately 46,08,76,736 shares at Rs. 10 each, for a total estimated value of $55.29 million (Rs 460.87 crore). Approximately six months ago, Foxconn Precision Engineering was incorporated.
Foxconn proposed in July to establish a Rs. 8,800-crore auxiliary facility at the Devanahalli Information Technology Investment Region in Karnataka, in addition to its existing operation. Additionally, it acquired 300 acres in Devanahalli.
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The Karnataka government had earlier said that Foxconn would employ roughly 50,000 people in Devanahalli during the first phase of the project.
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