Foxconn Invests ₹1,200 Crore in Karnataka Mfg Plant

Global electronics giant Foxconn has committed ₹1,200 crore (approximately USD 144 million) to its Karnataka-based manufacturing facility, Foxconn Hon Hai Technology India Mega Development. This marks a significant step in the company's broader investment strategy in India.

The Karnataka government recently revealed Foxconn's plans to invest a total of ₹25,000 crore in developing a major manufacturing hub near Dodda Ballapur. Spanning 300 acres, the facility is expected to generate around 40,000 jobs, particularly targeting middle-level educated individuals. This new plant will be Foxconn's second-largest globally, only surpassed by its China facility.

In a move reflecting its strong commitment, Foxconn’s Singapore-based subsidiary acquired over 120.35 crore shares in its Indian unit at ₹10 per share on August 21, 2024. This acquisition forms part of Foxconn’s strategic investment plan in the region.

With this latest infusion, Foxconn Singapore's total investment in Karnataka now exceeds ₹13,800 crore. Beyond manufacturing, the company is exploring opportunities in other sectors, further solidifying its presence in India.

Foxconn’s ongoing investments underscore its confidence in India’s growth potential, particularly in the electronics manufacturing sector, positioning Karnataka as a key player in its global operations.

News by Rahul Yelligetti