Foxconn Infuses Rs 1,200 Crore In Karnataka Unit, 40,000 Jobs Likely

Leading electronics manufacturing giant Foxconn reportedly infused nearly USD 144 million in its Karnataka-based Foxconn Hon Hai Technology India Mega Development Pvt Ltd, according to the company's latest 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, according to a PTI report.

Earlier last week, Karnataka government issued a statement revealing Foxconn's plan to invest nearly 25,000 crore in order to establish a huge manufacturing plant near Dodda Ballapur. According to reports, the investment is expected to create 40,000 jobs.

"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 fresh infusion, Foxconn Singapore has invested over Rs 13,800 crore in the Karnataka unit. The Karnataka government has allocated 300 acres to Foxconn for its upcoming mobile manufacturing unit in the state, added the PTI report.

Earlier, Young Liu met Prime Minister Narendra Modi on August 14 and discussed the company's investment plan in India.

Prime Minister Narendra Modi shared a post on social media platform X (formerly Twitter), "Wonderful to meet Mr. Young Liu, the Chairman of Hon Hai Technology Group (Foxconn). I highlighted the wonderful opportunities India offers in futuristic sectors. We also had excellent discussions on their investment plans in India in states like Karnataka, Tamil Nadu and Andhra Pradesh."