NEW DELHI: Taiwanese electronics manufacturing major Foxconn will invest $55.29 million in Bengaluru-based Foxconn Precision Engineering Private Limited. The company, in an exchange filing in Taiwan, said the investment will be made via its Singapore-based subsidiary Foxconn Singapore Pte Limited. “Foxconn Singapore has acquired about 46,08,76,736 shares at Rs 10 each, amounting to nearly $55.29 million (Rs 460.87 crore),” said the company.
Earlier this year, the Taiwanese tech giant signed a memorandum of understanding (MoU) with the Karnataka government to invest in the state. In this agreement, the company committed to investing in a mobile manufacturing unit, which would create employment opportunities for 50,000 people in the state in next 10 years. Production at the plant is scheduled to commence by April next year, with investments spread over three phases.
Foxconn likely to invest Rs 3,000 crore in phase 1 (2023-2024), followed by Rs 4,000 crore in phase 2 (2025-26), and Rs 1,000 crore in phase 3 (2026-27). The manufacturing targets include 1 lakh units of iPhones by December 2025, 50 lakh units by December 2026, 1 crore by December 2027, and 2 crore by December 2028. This move is part of the its ‘China plus one’ strategy to diversify production away from China. Foxconn is one of the primary suppliers of iPhone components, along with Pegatron and Tata Electronics in India.