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Foxconn will use a Singaporean company to spend $55 million

<p>Major Taiwanese electronics manufacturer Foxconn is to spend $55.29 million in Foxconn Precision Engineering Private Limited, which is situated in Bengaluru. The investment will be made via the company’s Singapore-based subsidiary, Foxconn Singapore Pte Limited, according to a Taiwanese exchange filing. According to the firm, Foxconn Singapore has purchased around 46,08,76,736 shares at a price of Rs 10 apiece, for a total of approximately $55.29 million (Rs 460.87 crore).</p>
<p><img decoding=”async” class=”alignnone wp-image-328665″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-foxconn-will-use-a-singaporean-company-to-spend-55-million-apple-india-foxconn-0-1-750×422.jpg” alt=”theindiaprint.com foxconn will use a singaporean company to spend 55 million apple india foxconn 0 1″ width=”1117″ height=”628″ title=”Foxconn will use a Singaporean company to spend $55 million 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-foxconn-will-use-a-singaporean-company-to-spend-55-million-apple-india-foxconn-0-1-750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-foxconn-will-use-a-singaporean-company-to-spend-55-million-apple-india-foxconn-0-1-1024×576.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-foxconn-will-use-a-singaporean-company-to-spend-55-million-apple-india-foxconn-0-1-768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-foxconn-will-use-a-singaporean-company-to-spend-55-million-apple-india-foxconn-0-1-1536×864.jpg 1536w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-foxconn-will-use-a-singaporean-company-to-spend-55-million-apple-india-foxconn-0-1-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-foxconn-will-use-a-singaporean-company-to-spend-55-million-apple-india-foxconn-0-1-150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-foxconn-will-use-a-singaporean-company-to-spend-55-million-apple-india-foxconn-0-1.jpg 1600w” sizes=”(max-width: 1117px) 100vw, 1117px” /></p>
<p>The Karnataka government and the Taiwanese IT giant inked a memorandum of understanding (MoU) earlier this year for the company to make investments in the state. As part of this arrangement, the business promised to invest in a mobile manufacturing facility, resulting in the creation of 50,000 jobs in the state over the next ten years. The factory is expected to start producing in April of the following year, with investments being made in three stages.</p>
<p>Phase 1 (2023–2024) would probably see Foxconn spend Rs 3,000 crore, phase 2 (2025–26) will likely see Rs 4,000 crore, and phase 3 (2026–27) will likely see Rs 1,000 crore. One lakh iPhones by December 2025, fifty lakh by December 2026, one crore by December 2027, and two crore by December 2028 are among the production goals. Its “China plus one” strategy, which aims to diversify output outside of China, includes this step. Foxconn, Tata Electronics, and Pegatron are among the main Indian suppliers of iPhone components.</p>

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