The massive chip manufacturer Foxconn announced on Feb 6 that ₹1200 crore will be spent by its Indian subsidiary to construct a factory. The new building will be built on property owned by the business. ET has reviewed an exchange filing wherein the company stated that the investment was made for "operational needs."
Foxconn would invest over $1.5 billion in an Indian construction project to meet the "operational needs" of the Apple supplier, according to a November ET report.
Through Hon Hai Technology India Mega Development, a Foxconn subsidiary, the investment was made.
The Taiwanese contract manufacturer has been expanding its business in India at a rapid pace. As recently as last month, the company declared that it would collaborate with HCL Group and invest $37.2 million to establish a chip packaging and testing facility in India. The announcement followed the collapse of its joint venture with the Vedanta Group.
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