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
