Foxconn to set up a factory worth Rs 1,200 crore for operational needs

Foxconn is planning to spend Rs 1,200 crore to set up a factory in India on a company owned land.

Foxconn in India

In an exchange filing, the company pointed out 'operational needs', as the purpose of investment. The investment was made through a Foxconn subsidiary - Hon Hai Technology India Mega Development.

Also Read: Foxconn plans to set up one more plant in Tamil Nadu with $200 Million investment: Report

Earlier media reports suggested that, the iPhone supplier would invest more than $1.5 billion in an Indian construction project to fulfil the Apple supplier's "operational needs".

The Taiwanese contract manufacturer which has been rapidly scaling its operations in India, announced last month that it would invest $37.2 million and would join hands with HCL Group to establish a chip packaging and testing facility in the country. The announcement came after its joint venture with Vedanta fell through.