Taiwan's electronics manufacturing leader, Foxconn, has infused approximately Rs 461 crore (USD 55.29 million) into Foxconn Precision Engineering Private Limited, based in Bengaluru, according to an official regulatory disclosure.
Foxconn's significant investment was facilitated through its Singapore-based subsidiary, Foxconn Singapore Pte Limited. The filing specifies that Foxconn Singapore purchased approximately 46,08,76,736 shares at Rs 10 per share, totaling roughly USD 55.29 million (equivalent to Rs 460.87 crore). Foxconn Precision Engineering, established around six months ago, has now received this substantial capital injection.
In a strategic move announced last July, Foxconn disclosed plans to set up an additional plant worth Rs 8,800 crore alongside its existing unit in the Devanahalli Information Technology Investment Region in Karnataka. Simultaneously, Foxconn acquired 300 acres of land in Devanahalli. According to an earlier statement by the Karnataka government, Foxconn's expansion aims to create job opportunities for around 50,000 individuals in the initial phase at Devanahalli.