iPhone-maker Foxconn will spend Rs 1,200 crore to install new factory in India

Foxconn reportedly intended to invest over $1.5 billion in an Indian building project, according to several reports from last year. The company's "operational needs" were another reason for this endeavor.

iPhone-maker Foxconn will spend Rs 1,200 crore to install a new factory in India in 2024.

The Taiwanese business Foxconn declared on Tuesday that it would invest Rs 1200 crore in constructing a new plant in India. The corporation will construct this facility on property that it already owns.

A regulatory filing disclosed details on the largest iPhone manufacturer in India. The business stated that these funds are being invested for “operational needs.” This indicates that, in order to maintain a profitable business, they must spend this money.

Foxconn reportedly intended to invest over $1.5 billion in an Indian building project, according to several reports from last year. The company’s “operational needs” were another reason for this endeavor. Hon Hai Technology India Mega Development, a division of Foxconn, provided funding for this project.

Foxconn’s company has been expanding rapidly in India. Foxconn announced just one month ago that it would collaborate with HCL Group for $37.2 million. Together, they’ll build a testing and packaging plant for semiconductors in India. This announcement followed the collapse of a proposed alliance with the Vedanta Group.

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