Bengaluru : Taiwanese electronics manufacturing services major Foxconn has infused USD 55. 29 million (about Rs 461 crore) in Bengaluru-based Foxconn Precision Engineering Private Limited , according to a regulatory filing. Foxconn Precision Engineering was incorporated around six months ago.
The company has made the investment through its Singapore-based subsidiary Foxconn Singapore Pte Limited . Foxconn Singapore has acquired about 46,08,76,736 shares at Rs 10 each, amounting to around USD 55. 29 million (Rs 460.
87 crore), according to the filing. In July, Foxconn had proposed to set up a Rs 8,800-crore supplementary plant to that of its unit at the Devanahalli Information Technology Investment Region in Karnataka. It has also bought 300 acres in the area.
Advt On March 20, the Karnataka government signed a substantial memorandum of understanding (MoU) with Foxconn, wherein the company committed to investing in a mobile manufacturing unit, which would provide employment opportunities for 50,000 people in the first phase, and one lakh employment opportunities within the state in the next ten years. Production at the plant is scheduled to commence by April next year, with investments spread over three phases. It is expected that Foxconn will invest Rs 3,000 crore in Phase 1 (2023-2024), followed by Rs 4,000 crore in Phase 2 (2025-2026), and Rs 1,000 crore in Phase 3 (2026-2027).
The manufacturing targets include one lakh units of iPhones by December 2025, 50 lakh units by December 2026, one crore by December 2027, and two crore by December 2028. This move by the company is part of its ‘China plus one’ strategy to diversify production away from China. Foxconn is one of the primary suppliers of Apple iPhone components apart from Pegatron and Tata Electronics in India.
ETTelecom Published On Dec 28, 2023 at 10:50 AM IST Telegram Facebook Copy Link Be the first one to comment. Comment Now COMMENTS Comment Now Read Comment (1) All Comments Post Post Find this Comment Offensive? Choose your reason below and click on the submit button. This will alert our moderators to take actions REASONS FOR REPORTING Foul Language Defamatory Inciting hatred against a certain community Out of Context / Spam Others Report Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis.
Download ETTelecom App Get Realtime updates Save your favourite articles Scan to download App foxconn foxconn precision engineering bengaluru foxconn precision engineering private limited foxconn singapore pte limited foxconn singapore electronics manufacturing services major Apple iPhone Tata Electronics Pegatron {“@context”:”http://schema. org”,”@type”:”BreadcrumbList”,”itemListElement”:[{“@type”:”ListItem”,”position”:1,”item”:{“@id”:”https://telecom. economictimes.
indiatimes. com”,”name”:”Home”}},{“@type”:”ListItem”,”position”:2,”item”:{“@id”:”https://telecom. economictimes.
indiatimes. com/news”,”name”:”News”}},{“@type”:”ListItem”,”position”:3,”item”:{“@id”:”https://telecom. economictimes.
indiatimes. com/news/devices”,”name”:”Devices”}},{“@type”:”ListItem”,”position”:4,”item”:{“@id”:”https://telecom. economictimes.
indiatimes. com/news/devices/foxconn-invests-rs-461-crore-in-bengaluru-unit/106339432″,”name”:”Foxconn invests Rs. 461 crore in Bengaluru unit”}}]} {“@context”:”http://schema.
org”,”@type”:”NewsArticle”,”mainEntityOfPage”:{“@type”:”WebPage”,”@id”:”https://telecom. economictimes. indiatimes.
com/news/devices/foxconn-invests-rs-461-crore-in-bengaluru-unit/106339432″},”headline”:”Foxconn invests Rs. 461 crore in Bengaluru unit”,”datePublished”:”2023-12-28T10:50:52+05:30″,”dateModified”:”2023-12-28T10:50:53+05:30″,”articleBody”:”Bengaluru: Taiwanese electronics manufacturing services major Foxconn has infused USD 55. 29 million (about Rs 461 crore) in Bengaluru-based Foxconn Precision Engineering Private Limited, according to a regulatory filing.
Foxconn Precision Engineering was incorporated around six months ago. The company has made the investment through its Singapore-based subsidiary Foxconn Singapore Pte Limited. Foxconn Singapore has acquired about 46,08,76,736 shares at Rs 10 each, amounting to around USD 55.
29 million (Rs 460. 87 crore), according to the filing. In July, Foxconn had proposed to set up a Rs 8,800-crore supplementary plant to that of its unit at the Devanahalli Information Technology Investment Region in Karnataka.
It has also bought 300 acres in the area. On March 20, the Karnataka government signed a substantial memorandum of understanding (MoU) with Foxconn, wherein the company committed to investing in a mobile manufacturing unit, which would provide employment opportunities for 50,000 people in the first phase, and one lakh employment opportunities within the state in the next ten years. Production at the plant is scheduled to commence by April next year, with investments spread over three phases.
It is expected that Foxconn will invest Rs 3,000 crore in Phase 1 (2023-2024), followed by Rs 4,000 crore in Phase 2 (2025-2026), and Rs 1,000 crore in Phase 3 (2026-2027). The manufacturing targets include one lakh units of iPhones by December 2025, 50 lakh units by December 2026, one crore by December 2027, and two crore by December 2028. This move by the company is part of its ‘China plus one’ strategy to diversify production away from China.
Foxconn is one of the primary suppliers of Apple iPhone components apart from Pegatron and Tata Electronics in India. “,”keywords”:[“Devices”,”Foxconn”,”Foxconn Precision Engineering”,”Bengaluru”,”Foxconn Precision Engineering Private Limited”,”Foxconn Singapore Pte Limited”,”Foxconn Singapore”,”Electronics Manufacturing Services Major”,”Apple IPhone”,”Tata Electronics”,”Pegatron”],”articleSection”:”Devices”,”url”:”https://telecom. economictimes.
indiatimes. com/news/devices/foxconn-invests-rs-461-crore-in-bengaluru-unit/106339432″,”description”:”In July, Foxconn had proposed to set up a Rs 8,800-crore supplementary plant to that of its unit at the Devanahalli Information Technology Investment Region in Karnataka. It has also bought 300 acres in the area.
“,”author”:[{“@type”:”Thing”,”name”:”ET Telecom”,”url”:”https://telecom. economictimes. indiatimes.
com”}],”publisher”:{“@type”:”NewsMediaOrganization”,”name”:”ETTelecom”,”logo”:{“@type”:”ImageObject”,”url”:”https://img. etb2bimg. com/files/cp/upload-1679566637-et-telecom-light-theme.
png”,”width”:600,”height”:60}},”image”:[{“@type”:”ImageObject”,”url”:”https://etimg. etb2bimg. com/thumb/msid-106339432,width-1200,height-900,resizemode-4/.
jpg”,”width”:1200,”height”:900}]} Home News Devices Foxconn invests Rs. 461 crore in Bengaluru unit.
From: telecom_economictimes
URL: https://telecom.economictimes.indiatimes.com/news/devices/foxconn-invests-rs-461-crore-in-bengaluru-unit/106339432
