Electronics manufacturing major Foxconn has invested approx. Rs 1,200 crore (about USD 144 million) into its Karnataka-based Foxconn Hon Hai Technology India Mega Development.

The Karnataka government announced last week that Foxconn plans to invest Rs 25,000 crore to build a large manufacturing facility near Dodda Ballapur, which is expected to provide employment generation to the tune of 40,000, especially to middle-level educated individuals.

The government has allocated 300 acres for the new mobile manufacturing unit. The new plant will become the second-largest Foxconn facility worldwide, after the one in China.

Foxconn’s Singapore-based arm, Foxconn Singapore acquired more than 120.35 crore shares of the Indian unit at Rs 10 per share on 21 August, 2024.

With this latest investment, Foxconn Singapore has now committed over Rs 13,800 crore to its Karnataka operations. The company intends to explore investments in other sectors as well.