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.
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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”.
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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.
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The ammouncement came after its joint venture with the Vedanta Group fell through.
