Foxconn: Foxconn plans major manufacturing facility in Karnataka – Times of India

Bengaluru: The Karnataka government and Taiwanese iPhone maker Foxconn on Friday signed a letter of intent to set up a flagship facility in Bengaluru. The electronics manufacturing plant is expected to come up on a 300-acre site near the Bengaluru International Airport. Government sources said the total investment would exceed $500 million, and could exceed $1 billion over time. The letter of intent states that the proposed investment will take place between 2023 and 2027, and that the project will employ approximately 1 lakh people.
The proposed Karnataka investment is part of a larger effort by Foxconn, one of the world’s largest assemblers of Apple products, to move some of its manufacturing out of China as relations between the US and China deteriorate. . India is fast becoming a preferred alternative destination. Foxconn already has a facility in Tamil Nadu that makes Apple products. Last year, the company announced plans to set up a display fabrication and semiconductor facility in Gujarat in collaboration with Anil Agarwal’s Vedanta. On Thursday, Telangana IT Minister KT Rama Rao said that Foxconn plans to set up an electronics manufacturing facility in the state that will employ 1 lakh people.
The Bengaluru plant is also expected to make Apple products. This will be the second facility in Karnataka to manufacture these products. Another Taiwanese company, Wistron, has a plant in Kolar that has been manufacturing iPhones for the last five years.
The latest investment is good news for the BJP government in Karnataka, as it comes just before the next state elections in May.
A 16-member team from Hon’ble High Technology Group (Foxconn), headed by the company’s CEO and chairman, said in a release the state industries department. young liuCame to Bengaluru on Friday to inspect the proposed area and hold talks with the government.
Minister of State for Information Technology Rajeev Chandrasekhar tweeted citing reports: “#Apple phones to be made in a new 300-acre factory in Karnataka. Double engine govt of PM Narendra Modi ji & CM Basavaraj bommai Investments and jobs for Karnataka and working to make it a $1 trillion economy.”
This was followed by Chief Minister Basavaraj Bommai, who reiterated the “double engine” pole pitch. “Apple phones will soon be made in the state. Apart from creating around 100,000 jobs, it will create a lot of opportunities for Karnataka. Under the visionary leadership of Hon’ble PM Narendra Modi ji, we will do our bit to make India a $5 trillion economy by 2025,” Bommai tweeted.
The Foxconn team that went to Bengaluru held a meeting with state IT-BT minister CN Ashwath Narayan and industries minister Murugesh Nirani on Friday. The team was hosted for dinner by Bommai.
Foxconn’s total revenue in 2022 was expected to exceed 6 trillion Taiwan dollars and ranked 20th in the Fortune Global 500.

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