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iPhone manufacturer Foxconn expands investment in Bengaluru unit, infuses Rs 461 crore more – Times of India

Apple iPhone’s biggest manufacturer Foxconn has infused $55.29 million (about Rs 461 crore) in Bengaluru-based Foxconn Precision Engineering Private Limited. The Taiwanese electronics manufacturing services major revealed the same in a regulatory filing. 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.
The company has made the investment through its Singapore-based subsidiary Foxconn Singapore Pte Limited. According to a report in news agency PTI, 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. Foxconn is part of Hon Hai Group, one of the world’s largest electronic contract manufacturer.
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.
The company has also bought 300 acres at Devanahalli. Officials said that the manufacturing facility is being set up within the Information Technology Investment Region (ITIR) industrial area at Doddaballapur in Devanahalli Taluk.
Plant to make 1 lakh iPhones by December 2025
According to the plan, production at the plant is scheduled to commence by April 2024, with investments spread over three phases. It is expected that Foxconn will invest Rs 3,000 crore in Phase 1 (2023-2024), followed by Rs 4,000 crore in Phase 2 (2025-2026), and Rs 1,000 crore in Phase 3 (2026-2027). The manufacturing targets include one lakh units of iPhones by December 2025, 50 lakh units by December 2026, one crore by December 2027, and two crore by December 2028.

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