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Foxconn to invest nearly 1 billion USD in Bengaluru

Foxconn to invest nearly 1 billion USD in Bengaluru

A 300-acre plot adjacent to Bengaluru’s international airport has been agreed upon by Foxconn, a Taiwanese company that assembles iPhones, as the location for its largest technology manufacturing campus in India. The Foxconn company plans to make incremental investments totaling less than $1 billion, helping the southern state establish itself as a hub for electronic manufacturing and positioning itself as a rival to China for suppliers. Over the following few years, it is estimated that the financing would create 100,000 additional jobs.

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Foxconn to invest in Bengaluru: Key Points

  • An official announcement from the Karnataka government is expected in the evening following the official meeting between the 17-member Foxconn team, led by company chairman Young Liu, and Chief Minister Basavaraj Bommai, who will have just arrived from Bidar.
  • The Karnataka delegation was led by Industries Commissioner Gunnar Krishna, Principal Secretary S Selvakumar, and Industries Minister Murugesh Nirani.
  • Liu and his colleagues visited the prospective site within the information technology investment region before their meeting with the Karnataka delegation (ITIR).
  • There are rumours that the Taiwanese titan would make electrical goods in addition to EV components, assemble Apple devices, and manufacture iPhone components.
  • But, informed sources have only confirmed that it will be an electronic manufacturing facility and have ruled out any knowledge of the Foxconn clients it will serve.

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Meeting between Chairman Liu and delegation from Karnataka

Following a meeting between Chairman Liu and a high-level delegation from Karnataka in Taiwan’s New Taipei City last month, a high-profile session with Chairman Liu took place in the IT capital of Bengaluru.

The government claims that Foxconn’s investment would help draw in a number of other major players in the electronics sector from around the world. With a projected total revenue of NT$ 6 trillion in 2022, Foxconn will be the largest electronics business in the world. It maintained its position of 20 on the Fortune Global 500 from the previous year.

Also Read: Singapore Airlines receives 25.1% stake in Air India group after investing $267 mn

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