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

Taiwanese company Foxconn announced on Tuesday that it will spend Rs 1200 crore to build a new factory in India. This factory will be built on land that the company already owns.

The information about the biggest iPhone-maker in India was revealed via a regulatory filing. The company claimed that they are investing this money for ‘operational needs.’ This means they need to spend this money to keep their business running smoothly.

Last year, multiple reports claims that that Foxconn was planning to invest more than $1.5 billion in a construction project in India. This project was also for the company’s “operational needs”. The money for this project was given by a part of Foxconn called Hon Hai Technology India Mega Development.

Foxconn has been quickly growing its business in India. Just last month, Foxconn said it would spend $37.2 million to work with HCL Group. Together, they will create a facility in India where chips can be packaged and tested. This news came after a planned partnership with the Vedanta Group did not work out.

With agency inputs