Global electronics maker Foxconn infuses Rs 1,200 crore in Karnataka unit

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Global electronics maker Foxconn infuses Rs 1,200 crore in Karnataka unit - Business Standard

Quick Summary:

The Karnataka government in a statement last week said Foxconn is planning to invest Rs 25,000 crore to establish a massive manufacturing plant near Dodda Ballapur that will create 40,000 jobs.

Electronics manufacturing giant Foxconn has infused about Rs 1,200 crore -- approximately USD 144 million -- into its Karnataka-based Foxconn Hon Hai Technology India Mega Development Pvt Ltd, the company said in a recent regulatory filing.

The iPhone contract manufacturer's Singapore-based arm Foxconn Singapore Pte has bought over 120.35 crore stocks of Foxconn Hon Hai Technology India Mega Development Pvt Ltd at Rs 10 per share on August 21.