Foxconn on Tuesday said its Indian subsidiary is set to spend Rs 1,200 crore to build a factory on owned land, in an exchange filing. In its filing which has been reviewed by ET, the company said the purpose of investment was ‘operational needs.’
In November, ET had reported that Foxconn said it would invest more than $1.5 billion in an Indian construction project to fulfil the Apple supplier’s “operational needs”. The investment was made through a Foxconn subsidiary, Hon Hai Technology India Mega Development.
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The Taiwanese contract manufacturer has been rapidly scaling its operations in India. In fact, only last month, the company announced that it would invest $37.2 million and would join hands with HCL Group to establish a chip packaging and testing facility in India. This came after its JV with Vedanta fell through.
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