South Korea-based HyVision will invest Rs 40 crore in Devanahalli near Kempegowda International Airport in Bengaluru to establish a new camera inspection machine plant.
A Karnataka delegation, headed by State Minister for Large and Medium Industries MB Patil, is now visiting South Korea.
HyVision supplies camera module inspection equipment to Foxconn.
Also, read: South Korea's YG-1 to invest $150 million in Karnataka
Patil said, "Had a productive meeting with HyVision. They signed an MoU to establish a new Rs 40 crore camera inspection machine plant near the Foxconn facility in India. Discussions included plans to commence manufacturing operations in both Chinese and Indian facilities, as well as ongoing recruitment for on-site manufacturing personnel."
In May 2023, Hon Hai Precision Industry (Foxconn) acquired 300 acres of land for Rs 300 crore ($37 million). Officials said the manufacturing facility is being set up within the Information Technology Investment Region (ITIR) industrial area at Doddaballapur in Devanahalli Taluk.
Foxconn is making an investment of Rs 8,500 crore for the manufacturing unit, which is expected to generate over one lakh employment opportunities within the state in the next 10 years.
Also, read: Japan’s Sumitomo Heavy Industries to open office in Bengaluru: Karnataka Minister MB Patil
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
