Also known by its official name, Hon Hai Precision Industry, Foxconn is the world’s biggest contract electronics manufacturer and a principal assembler of Apple iPhones.
Both companies are seeking to shift manufacturing away from China after strict Covid policies, a bout of industrial unrest and ongoing diplomatic tensions with the United States hurt production.
The 1.2 million-square-metre (13 million-square-foot) acquisition in Devanahalli, near the airport for Bengaluru, was announced in a statement to the London Stock Exchange.
It said that subsidiary Foxconn Hon Hai Technology India Mega Development was paying three billion rupees ($37 million) for the site, the size of more than 50 Manhattan city blocks.