Foxconn's Major Investment in Karnataka: Creating Jobs and Expansion Plans

Foxconn, the electronics manufacturing giant, has invested Rs 1,200 crore (approx. USD 144 million) in its Karnataka-based subsidiary. This move is part of a larger plan to invest Rs 25,000 crore to build a manufacturing plant near Dodda Ballapur, creating 40,000 jobs. The facility will be the second-largest Foxconn plant globally.

Foxconn, the electronics manufacturing giant, 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.

This substantial investment saw Foxconn's Singapore arm acquiring over 120.35 crore stocks of the Indian subsidiary at Rs 10 per share on August 21.

Last week, the Karnataka government announced Foxconn's broader investment strategy, revealing plans to invest Rs 25,000 crore to establish a massive manufacturing plant near Dodda Ballapur. This new facility is expected to generate 40,000 jobs, primarily for middle-level educated individuals.

(With inputs from agencies.)