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Investment: Foxconn commits Rs.460.87cr to a new facility in Devanahalli

Fiinews by Fiinews
December 29, 2023
in Investment
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Taiwanese manufacturer proposed a Rs.8,800cr plant in July

Foxconn Precision Engineering of Taiwan is investing around US$55.29 million (Rs.460.87 crore) in a facility for which it has acquired 300-acre site at Devanahalli, Bengaluru.

The company is investing through its Singapore-based subsidiary Foxconn Singapore Pte Limited which had acquired about 46,08,76,736 shares at Rs.10 each, amounting to around US$55.29 million, according to regulatory filing in Taiwan.

The investment is a follow up to a Rs.8,800 crore proposal for a supplementary plant to that of its unit at the Devanahalli Information Technology Investment Region in Karnataka in July.

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. Fiinews.com

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Fiinews.com features through news articles on business opportunities in the Indian market for the benefits of foreigners. It is also a platform for international businesses to showcase through elaborate articles on their products & services to the Indian consumers and corporations exploiting industrialisation of the country.

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