HomeAmericasBusinessFoxconn Making Multi-Million Dollar Investments In Karnataka, TN

Foxconn Making Multi-Million Dollar Investments In Karnataka, TN

Foxconn Making Multi-Million Dollar Investments In Karnataka, TN

BENGALURU (IANS) – Foxconn, the world’s largest contract manufacturer and a key assembler of iPhones, is set to invest $600 million in two major projects in Karnataka. The move signals the company’s increasing interest in diversifying its production away from China and tapping into the potential of India’s growing market.

According to a statement from the state government, $350 million of the investment will go into setting up a state-of-the-art facility to manufacture casing components for iPhones. This ambitious project is expected to generate an impressive 12,000 jobs in the region, providing a significant boost to local employment opportunities.

In addition, Foxconn will join forces with Applied Materials in a separate $250 million venture to produce advanced chip-making equipment. This collaboration aims to support India’s burgeoning semiconductor industry and create employment for around 1,000 people.

The investment decisions come following a meeting between Foxconn Chairman Young Liu and Karnataka’s IT Minister Priyank Charge, and Industries Minister MB Patil. The state government clarified that the projects were signed via “letters of intent,” implying that some final details might be subject to change.

Numerous global companies, including Micron and Amazon, have already committed significant investments in India, capitalizing on the nation’s booming consumption and demand trends.

As part of its plans, Foxconn is exploring incentives under a $10 billion scheme initiated by the Indian government to promote chip manufacturing. Additionally, the company is in talks with Gujarat to establish a chip-making facility.

Among the developments, Tamil Nadu state has also announced a separate investment from Foxconn, amounting to $194 million. This investment will facilitate the establishment of a new electronic component manufacturing facility, expected to generate 6,000 jobs in the region.

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