Taiwanese electronics manufacturing services major Foxconn has infused USD 55.29 million (approx. Rs 461 crore) in Bengaluru-based Foxconn Precision Engineering. The company has made the investment through its Singapore-based subsidiary Foxconn Singapore.

Foxconn Precision Engineering was incorporated around six months ago. In July this year, Foxconn proposed to set up a Rs 8,800 crore supplementary plant at its unit in Devanahalli Information Technology Investment Region, Karnataka. It has also acquired 300 acres in the area.

The Karnataka government signed a substantial memorandum of understanding (MoU) with Foxconn in March, wherein the company committed to investing in a mobile manufacturing unit, which would provide employment opportunities for 50,000 people in the first phase. Production at this plant is scheduled to commence by April next year, with investments spread over three phases.

Foxconn is likely to invest Rs 3,000 crore in Phase-I (2023-2024), followed by Rs 4,000 crore in Phase-II (2025-2026), and Rs 1,000 crore in Phase-III (2026-2027).