“Foxconn Plans Additional $1.67 Billion Investment in Karnataka for Manufacturing Expansion”
In a significant move towards bolstering its presence in India, technology giant Foxconn, responsible for manufacturing Apple’s iPhones, is poised to inject an additional $1.67 billion (approximately ₹14,000 crore) into Karnataka, as reported by news agency Reuters. The approval for this substantial investment came through the Karnataka State High-Level Clearance Committee (SHLCC), chaired by Chief Minister Siddaramaiah.
In a significant move towards bolstering its presence in India, technology giant Foxconn, responsible for manufacturing Apple’s iPhones, is poised to inject an additional $1.67 billion (approximately ₹14,000 crore) into Karnataka, as reported by news agency Reuters. The approval for this substantial investment came through the Karnataka State High-Level Clearance Committee (SHLCC), chaired by Chief Minister Siddaramaiah.
This fresh injection of capital aims to establish a new manufacturing facility in Devanahalli, an area where Foxconn has already acquired 300 acres of land for developmental purposes. The recent approval aligns with Foxconn’s prior announcement made in November, unveiling plans for a $1.6 billion investment to expand its operations in India.
The Karnataka state government had earlier revealed Foxconn’s intention to invest $600 million in setting up two component factories in the southern state. These include a facility designated for manufacturing mechanical enclosures for iPhones and a semiconductor equipment manufacturing plant in collaboration with Applied Materials Inc.
Additionally, Foxconn aims to erect a $700 million facility on a 300-acre plot in Devanahalli, situated near Bengaluru airport. This particular plant is anticipated to specialize in iPhone assembly, solidifying Foxconn’s position as a key player in Apple’s global supply chain.
MB Patil, Karnataka’s Industries Minister, expressed optimism about this development, stating, “It is a significant opportunity for Foxconn to engage with the Government of Karnataka and move forward with the establishment of these ventures. The projects will significantly contribute to the state’s economic growth and foster employment opportunities for thousands of skilled individuals.”
This substantial investment by Foxconn underlines its commitment to expanding its manufacturing capabilities in India, emphasizing the nation’s growing significance in global technology supply chains. The move is poised to not only boost local economies but also create numerous employment opportunities, showcasing a promising outlook for Karnataka’s industrial landscape.
The initiative aligns with India’s increasing prominence as a manufacturing hub and signifies Foxconn’s proactive efforts to strengthen its foothold in the country’s burgeoning technology sector.
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