Foxconn to invest in Karnataka, project expected to generate 1 lakh jobs

Source: Reuters

The Karnataka government said on March 3 that Foxconn will invest in the state, and 300 acres near Bengaluru airport have been identified for the same. According to a report by Bloomberg, Foxconn is expected to invest $700 million in the state.

This comes a day after the iPhone maker signed a similar MoU with Telangana, and it is expected to generate 1 lakh jobs in the neighbouring state as well.

Foxconn's push into India comes at a time when the company is experiencing severe disruptions in China due to Covid restrictions and protests.

In a statement, the Karnataka government said this is a testimony to the state’s success in drawing investments to the state in the electronics manufacturing and assembly segment, with 300 acres identified in the Doddaballapura and Devanahalli taluks.

Another iPhone maker, Wistron, also has a manufacturing plant in Karnataka.

“Apple phones to be built in the state soon. Apart from creating about 100,000 jobs, it will create a whole lot of opportunities for Karnataka,” tweeted state chief minister Basavaraj Bommai.

Foxconn Chairman and CEO Young Liu and 16 other executives met ministers from the state in Bengaluru on March 3, who also took them to the site identified for the company’s investment.

Bloomberg reported that some of Apple’s handsets may be assembled in the state, or could be used by the company to produce parts for its EV business.