Chip-making giant Foxconn said on Tuesday that its Indian subsidiary will spend ₹1200 crore to build a factory. The new facility will come up on a company-owned land.
In an exchange filing, which has been reviewed by ET, the company said that the purpose of investment was ‘operational needs.’
In November, ET had reported that Foxconn 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.
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. The ammouncement came after its joint venture with the Vedanta Group fell through.
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