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 $1 billion, helping the southern state establish itself as a hub for electronic manufacturing and positioning itself as a rival to China for suppliers. Over the following few years, it is estimated that the financing would create 100,000 additional jobs.
Foxconn to invest in Bengaluru: Key Points
- An official announcement from the Karnataka government is expected in the evening following the official meeting between the 17-member Foxconn team, led by company chairman Young Liu, and Chief Minister Basavaraj Bommai, who will have just arrived from Bidar.
- The Karnataka delegation was led by Industries Commissioner Gunnar Krishna, Principal Secretary S Selvakumar, and Industries Minister Murugesh Nirani.
- Liu and his colleagues visited the prospective site within the information technology investment region before their meeting with the Karnataka delegation (ITIR).
- There are rumours that the Taiwanese titan would make electrical goods in addition to EV components, assemble Apple devices, and manufacture iPhone components.
- But, informed sources have only confirmed that it will be an electronic manufacturing facility and have ruled out any knowledge of the Foxconn clients it will serve.
Meeting between Chairman Liu and delegation from Karnataka
Following a meeting between Chairman Liu and a high-level delegation from Karnataka in Taiwan’s New Taipei City last month, a high-profile session with Chairman Liu took place in the IT capital of Bengaluru.
The government claims that Foxconn’s investment would help draw in a number of other major players in the electronics sector from around the world. With a projected total revenue of NT$ 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.