Foxconn will invest ₹ 1,200 crore for the new factory: The company makes iPhone, will also spend ₹ 309 crore for the chip plant.
Hon Hai Technology India, a subsidiary of Taiwanese electronics manufacturer Foxconn, will spend ₹1,200 crore to set up a new factory in India. This amount will be spent under operational needs. The company has given this information in its filing.
The new factory will be constructed on the land already purchased by the company. Last year, media reports claimed that the company was planning to spend about $1.5 billion (about ₹12,447 crore) on construction projects. This project is also to be done under the operational expenses of the company. The company will manufacture Apple products here.
Company will spend ₹309 crore
Foxconn has been growing rapidly in India for some time. A month ago the company had said that it would spend $37.2 million (about Rs 309 crore) to work together with HCL Group. Both the companies will work together on testing and packaging of semiconductor chips.
The company manufactures 68% of Apple’s products.
Funds for this project were given by Foxconn’s unit Hon Hai Technology India. Foxconn is Apple’s largest manufacturer. It contributes to 68% of the company’s global manufacturing. It is followed by Pegatron and Tata’s Wistron, which contribute 18% and 14%.
