Foxconn subsidiaries secure assets for expansion

Published 01/15/2025, 06:44 PM

TAIPEI/SUNNYVALE - Hon Hai (TW:2317) Precision Industry Co., Ltd., widely known as Foxconn (SS:601138), has announced through its subsidiaries, the acquisition of significant assets to bolster their operational capabilities. The transactions, which took place between December 13, 2024, and January 15, 2025, include electromechanical equipment and real estate.

Foxconn Hon Hai Technology India Mega Development Private Limited secured a batch of electromechanical equipment valued at INR 2,863,363,170. The equipment was purchased from CINDA ENGINEERING AND CONSTRUCTION PRIVATE LIMITED, a company with no reported relationship to Foxconn. This acquisition is intended to meet operational requirements, with no dissenting opinions from directors and no related parties involved.

In a separate transaction, Ingrasys Technology USA Inc., another Foxconn subsidiary, acquired land and a building located at 1230-1280 East Argues Avenue, Sunnyvale, California. The property spans 26.31 acres with a building area of 313,740 square meters. The transaction was finalized at a price of USD 128,000,000. The sellers, a group of Propco LLCs, are also not related to Foxconn. Two professional appraisal firms, Carneghi-Nakasako & Associates and Suntender Valuation Inc., provided valuations at USD 128,000,000 and USD 128,500,000 respectively, with no significant discrepancies reported.

Both acquisitions were negotiated at market prices, with the decisions made by the respective boards of directors. The purpose of these acquisitions is to satisfy operational needs. Additional costs such as escrow fees, transaction taxes, insurance fees, and other expenses will be settled based on actual amounts incurred, separate from the reported transaction prices.

These strategic acquisitions by Foxconn's subsidiaries are part of the company's ongoing efforts to expand its operational infrastructure. The transactions were conducted in accordance with standard regulatory requirements and corporate governance practices. The information provided is based on a press release statement and has not been independently verified.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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