Foxconn infuses Rs 1,200 crore into Karnataka Unit, plans major manufacturing plant

Foxconn Chairman Young Liu with Karnataka CM Siddaramaiah

Electronics manufacturing giant Foxconn has injected approximately Rs 1,200 crore (around USD 144 million) into its Karnataka-based subsidiary, Foxconn Hon Hai Technology India Mega Development Pvt Ltd. According to a recent regulatory filing, the investment was made by Foxconn's Singapore arm, Foxconn Singapore Pte, which purchased over 120.35 crore shares at Rs 10 per share on August 21.

This capital infusion is part of Foxconn's broader plan to establish a large-scale manufacturing facility near Dodda Ballapur in Karnataka.

Last week, the Karnataka government announced that Foxconn intends to invest Rs 25,000 crore in the new plant, which is expected to generate 40,000 direct jobs, primarily for middle-educated individuals.

In a statement, Foxconn Chairman Young Liu confirmed that the upcoming Karnataka unit would become the second-largest Foxconn plant globally, after its facility in China. "The unit in Karnataka will soon become the second-largest Foxconn plant after China's unit. It will create 40,000 direct jobs, especially for middle-level educated individuals, and our investment will not stop here; in the future, we plan to explore other sectors also," Foxconn Chairman Young Liu was quoted as saying in the statement.

With the latest funding, Foxconn Singapore's total investment in the Karnataka unit now stands at over Rs 13,800 crore. The state government has allocated 300 acres of land for the construction of the mobile manufacturing plant.