Foxconn invests Rs 1,200 crore in Karnataka plant

Electronics manufacturing giant Foxconn has invested approximately Rs 1,200 crore (about $144 million) into its Karnataka-based unit, Foxconn Hon Hai Technology India Mega Development, according to a regulatory filing.

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

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 create 40,000 jobs.