Latest News | Foxconn Invests Rs 461 Crore in Bengaluru Unit

New Delhi, Dec 27 (PTI) 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.

Also Read | SBI Clerk Prelims 2023: Exam Schedule Released For Recruitment of 8283 Posts at sbi.co.in, Check Details.

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.

Foxconn Precision Engineering was incorporated around six months ago.

Also Read | Allahabad High Court Recruitment 2023: Vacancies Notified for 83 Advocate Posts, Apply Online at allahabadhighcourt.in From January 15.

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.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)