Foxconn subsidiary proposes Rs 8,800-crore investment in Karnataka

Mangalore Today News Network

Bengaluru, July 18, 2023: Taiwanese electronics giant Foxconn has approached the Karnataka government with another investment proposal, worth Rs 8,800 crore, the chief minister’s office said in a statement on Monday.

 

As per the proposal from Foxconn Industrial Internet, the investment would require 100 acres of land and generate 14,000 jobs. Representatives of the Foxconn subsidiary were taken to the land available at the Japan Industrial Township in Tumakuru.

This is the second investment proposal made by Foxconn and its subsidiaries this year. In March, Foxconn decided to invest around Rs 8,000 crore for a phone manufacturing plant at the Information Technology Industrial Region (ITIR) near Bengaluru International Airport at Devanahalli. This unit is expected to be operational from April 2024 with a proposed investment.

Foxconn was recently in the news after its deal with Vedanta to set up a semiconductor manufacturing plant at Gujarat fell through. According to reports, the deal hit a dead end after Vedanta was unable to secure the necessary technology for making chips.

Chief Minister Siddaramaiah chaired a meeting with a delegation led by Foxconn Industrial Internet CEO Brand Cheng regarding the proposal “to set up another supplementary plant to that of the unit at Devanahalli ITIR region”, the statement said.

The statement added that the company “will engage in manufacturing screens, and outer coverings apart from making mechanical components needed for phones. This would operate as a supplementary plant to the end assembly unit at Devanahalli”.

Courtesy: Indian Express