Foxconn to invest 1,200Rs crore for setting up new factory
Last year, media reports claimed that the company was planning to spend about $1.5 billion (about Rs12,447 crore) on construction projects.
Hon Hai Technology India, a subsidiary of Taiwanese electronics manufacturer Foxconn, will spend ₹1,200 crore to set up a new factory in India. This amount will be spent on operational needs.
Last year, media reports claimed that the company was planning to spend about $1.5 billion (about Rs12,447 crore) on construction projects.
This project is also to be done under the operational expenses of the company. The company will manufacture Apple products here.
Foxconn has been growing rapidly in India for some time. A month ago the company had said that it would spend $37.2 million (about Rs309 crore) to work together with HCL Group. Both companies will work together on testing and packaging of semiconductor chips.
Funds for this project were given by Foxconn's unit Hon Hai Technology India. Foxconn is Apple's largest manufacturer. It contributes to 68% of the company's global manufacturing. It is followed by Pegatron and Tata's Wistron, which contribute 18% and 14%.