Foxconn Injects INR 461 Cr ($55.29 Mn) into Bengaluru Unit for iPhone Manufacturing Expansion

Foxconn, the Taiwanese electronics manufacturing services giant, has invested INR 461 crore (approximately $55.29 million) in its Bengaluru unit, Foxconn Precision Engineering Private Limited. The investment was made through Foxconn's Singapore-based subsidiary, Foxconn Singapore Pte Limited. The funding involved acquiring around 46,08,76,736 shares at INR 10 each. Foxconn aims to bolster iPhone manufacturing in India, with plans for an additional investment of INR 13,911 crore ($1.67 billion) in Karnataka. The company is expected to start manufacturing iPhones in the state by April 2024, generating around 50,000 jobs and further expanding its presence in India.