According to documents submitted to the London Stock Exchange (LSE), Hon Hai Precision Industry paid roughly Rs 300 crore ($37 million) for a 300-acre plot of land in Karnataka’s rural Bangalore district. According to APF’s May 9 report, the acquisition was made on behalf of its subsidiary Foxconn Hon Hai Technology India Mega Development.
The plot of property is located on the outskirts of Bangalore at Devanahalli, close to the airport in Bengaluru. The move is part of an effort by the Taiwanese electronics maker to diversify away from China in terms of production. The primary source of Apple iPhone components is Foxconn.
Notably, on March 20, the Karnataka government also announced that Foxconn would spend Rs 8,000 crore in a mobile manufacturing facility that would provide jobs for 50,000 people in the state. This occurred after CM Basavaraj Bommai and Foxconn CEO and Chairman Young Liu met while Young Liu was in the state.
In a previous tweet, Rajeev Chandrasekhar, the Union minister of state for entrepreneurship, electronics, and technology, mentioned that a new 300-acre facility in Karnataka would be producing Apple phones. On March 3, a 300-acre plot of land in the Devanahalli Taluk’s Doddaballapur Information Technology Investment Region (ITIR) industrial sector close to the Bengaluru International Airport was located.
Notably, on March 20, the Karnataka government also announced that Foxconn would spend Rs 8,000 crore in a mobile manufacturing facility that would provide jobs for 50,000 people in the state. This occurred after CM Basavaraj Bommai and Foxconn CEO and Chairman Young Liu met while Young Liu was in the state.
In a previous tweet, Rajeev Chandrasekhar, the Union minister of state for entrepreneurship, electronics, and technology, mentioned that a new 300-acre facility in Karnataka would be producing Apple phones. On March 3, a 300-acre plot of land in the Devanahalli Taluk’s Doddaballapur Information Technology Investment Region (ITIR) industrial sector close to the Bengaluru International Airport was located.
In the state, the electronics manufacturing facility is expected to create more than 1 lakh new jobs over the next ten years.
Foxconn will have a “ground-breaking” ceremony in Telangana on May 15, according to Jayesh Ranjan, the state’s principal secretary of IT and industries. According to reports, the widely advertised investment will be the company’s largest single expenditure in India and is predicted to generate 1 lakh employment. Questions on the amount of the investment, the products Foxconn will produce, and other specifics were not answered by Ranjan.
After the governments of Telangana and Karnataka declared Foxconn’s “interest” in making investments in their states, there was a lot of talk.
On March 2, the day after the iPhone manufacturer signed an MoU with Telangana, the Karnataka government announced that Foxconn will invest in the state and that it had found a 300-acre site for the company’s operations.
However, Foxconn later claimed that during its chairman Young Liu’s recent trip to India, “no binding, definitive agreements” had been made.