Foxconn is investing Rs 1,200 crore for “operational needs” to build a new factory on owned land.
Taiwanese company Foxconn announced plans to invest Rs 1,200 crore in building a new factory in India on land it already owns.
The biggest iPhone-maker in India, Foxconn, revealed plans for investing Rs 1,200 crore via a regulatory filing. The investment is earmarked for “operational needs,” indicating it’s essential for the smooth functioning of their business.
Foxconn Technologies Group has given the green light for a $1 billion investment in India’s Apple India Plant.
Last year, multiple reports indicated that Foxconn was planning to invest over $1.5 billion in a construction project in India, also for its “operational needs.” The funding for this project was provided by a division of Foxconn known as Hon Hai Technology India Mega Development.
Foxconn is rapidly expanding its operations in India. Recently, the company announced a partnership with HCL Group, investing $37.2 million to establish a facility for packaging and testing chips in India. This decision followed a failed planned partnership with the Vedanta Group.
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