Foxconn invests USD 55.29 million in Bengaluru unit

Taiwanese electronics manufacturing services major Foxconn has infused about USD 55.29 million (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.

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.

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. PTI