Foxconn has injected $37.2 million (about ₹351 crore) into its India arm, Foxconn Hon Hai Technology India Mega Development, via its Singapore subsidiary.
The deal raises Foxconn Singapore’s stake in the Chennai-based iPhone manufacturing unit to 99.99%, valuing it at $2.82 billion (around ₹26,600 crore).
This follows last year’s $1.48 billion investment in Tamil Nadu’s Yuzhan Technology.
Foxconn Infuses ₹351 Crore Into India Arm
Foxconn Singapore’s cumulative stake in the Chennai-based subsidiary has increased to 99.99% at a valuation of $2.82 billion or about ₹26,600 crore
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Electronics manufacturing giant Foxconn has infused $37.2 million, or around ₹351 crore, in its India arm Foxconn Hon Hai Technology India Mega Development Private Limited, said a regulatory filing.
Foxconn has infused the fund through its Singapore-based subsidiary.
With the latest transaction, Foxconn Singapore’s cumulative stake in the Chennai-based subsidiary has increased to 99.99% at a valuation of $2.82 billion or about ₹26,600 crore.
"Subsidiary, Foxconn Singapore Pte Ltd, obtaining Foxconn Hon Hai Technology India Mega Development Private Limited Shares...total transaction amount: $37.2 million," the filing dated June 25 said.
In this transaction, Foxconn Singapore has purchased 35.17 crore shares in Foxconn Hon Hai Technology India Mega Development Private Limited, where it makes the majority of iPhones.
Foxconn had last year invested $1.48 billion (around ₹12,800 crore) in its Tamil Nadu based Yuzhan Technology.
Foxconn, Tata Electronics and Pegatron India (majorly owned by Tata Electronics) are engaged in manufacturing iPhones in India.
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