Foxconn is making a significant investment in India, channelling ₹460 crore into its Bengaluru-based unit, Foxconn Precision Engineering, through its Singapore subsidiary. This investment involves acquiring over 460 million shares, each priced at ₹10, in a strategic move to expand its manufacturing footprint in India.
What to know? Just six months ago, Foxconn established this Bengaluru unit with plans to build a ₹8,800 crore supplementary plant near Devanahalli in Karnataka. The company has already secured 300 acres of land for this purpose.
In a major development earlier this year, Foxconn inked a Memorandum of Understanding (MoU) with the Karnataka government, underscoring its commitment to set up a mobile manufacturing unit. This venture is expected to generate 50,000 jobs in the initial phase and approximately one lakh jobs within the next decade.
Setting the bar: The company plans to start production at this new plant by April next year, spreading the investment across three phases. The planned investment includes ₹3,000 crore in the first phase, ₹4,000 crore in the second, and ₹1,000 crore in the third. Foxconn has set ambitious manufacturing targets, including producing one lakh units of iPhones by December 2025 and escalating to two crore units by December 2028.
Foxconn’s expansion in India is part of its broader strategy to diversify production beyond China. The company, a key supplier for Apple iPhones, alongside Pegatron and Tata Electronics in India, is reinforcing its presence in one of the world’s fastest-growing electronics markets.
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