Foxconn infuses Rs 351 crore into India arm
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New Delhi: Electronics manufacturing giant Foxconn has infused USD 37.2 million, or around Rs 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 per cent at a valuation of USD 2.82 billion or about Rs 26,600 crore."Subsidiary, Foxconn Singapore Pte Ltd, obtaining Foxconn Hon Hai Technology India Mega Development Private Limited Shares...total transaction amount: USD 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 USD 1.48 billion (around Rs 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. ...