Foxconn invests Rs 461 crore in Bengaluru unit

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. 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.

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Foxconn Precision Engineering was incorporated around six months ago.

In July, Foxconn 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 at Devanahalli.

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According to the announcement made earlier by the Karnataka government, Foxconn is expected to create employment for about 50,000 people in the first phase at Devanahalli.