Foxconn infuses Rs 1,200 crore in Karnataka unit

Karnataka govt, Foxconn sign LoI for 2 marquee projects with Rs 5K crore investment

New Delhi: Electronics manufacturing giant Foxconn has infused about Rs 1,200 crore — approximately USD 144 million — into its Karnataka-based Foxconn Hon Hai Technology India Mega Development Pvt Ltd, the company said in a recent regulatory filing.

The iPhone contract manufacturer’s Singapore-based arm Foxconn Singapore Pte bought over 120.35 crore stocks of Foxconn Hon Hai Technology India Mega Development Pvt Ltd at Rs 10 per share on August 21.

The Karnataka government in a statement last week said Foxconn is planning to invest Rs 25,000 crore to establish a massive manufacturing plant near Dodda Ballapur that will 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.

Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.


Comments

Post a Comment

Popular posts from this blog

‘No difference between Congress, PFI’: Karnataka BJP

Image
Bengalore: Coming down heavily on the Congress for demanding a ban on the Rashtriya Swayamsevak Sangh (RSS) on the lines of the Popular Front of India, the ruling BJP has equated the PFI with the Congress. Minister for Education B.C. Nagesh said on Friday that there was no difference between the ideologies of the Congress party and the PFI. “I don’t know what Congress leaders know about the RSS. A few of them want votes of Muslims and that is why they are demanding a ban on the RSS,” he said. “RSS is a patriotic organisation. It is not getting any funds from the government. It is not important whether it is registered or not. RSS is working for the welfare of the country. But, PFI is indulging in anti-national activities,” he stated. Also Read Police officers troubling Congress will be taught a lesson: Siddaramaiah “It is being banned as there is evidence to prove the charges. Till date all decisions made by Prime Minister Narendra Modi and Union Minister Amit Shah have been
Read more

Karnataka govt all set to launch free bus travel scheme

Image
Bengaluru: Congress-ruled Karnataka government is all set to launch the Shakthi scheme on Sunday which facilitates free bus travel for all women in state owned Karnataka State Road Transport Corporation (KSRTC), Bengaluru Metropolitan Transport Corporation (BMTC) and other corporations. Chief Minister Siddaramaiah will turn ‘conductor’ to inaugurate the scheme and he will issue free tickets to women travelling from Majestic BMTC bus stop to Vidhana Soudha. Deputy Chief Minister D.K. Shivakumar and Transport Minister Ramalinga Reddy will be present on the occasion. The police will be deputed in all BMTC buses after inauguration of the scheme in Bengaluru to avoid any confusion and untoward incidents until the scheme takes off smoothly. All eight DCPs in Bengaluru have been directed to ensure peace as it is expected that miscreants would create confusion to get political mileage. The jurisdictional police and 2,000 home guards are roped in for the purpose. The Hoysala vehicles will a
Read more