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Foxconn to invest US$600 mn in Karnataka
Foxconn will invest US$350 million to establish a unit for smartphone component manufacturing. An additional $250 million in the second plant will fuel chipmaking tools with Applied Materials.
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The Karnataka government has signed a letter of intent (LOI) with Foxconn, a major iPhone assembler for Apple Inc., paving the way for two projects with an investment of US$ 600 million.
A tweet by Karnataka's Minster for Large & Medium Industries and Infrastructure Development M B Patil revealed that the decisions were made following a meeting between Foxconn chairman Young Liu and Karnataka's IT Minister Priyank Kharge.
The new projects, which include a phone enclosure project under FII, a Foxconn subsidiary; and a semiconductor equipment for electronic products project in collaboration with US-based Applied Materials will generate 14,000 jobs in the state.
Foxconn will invest US$350 million to establish a unit for smartphone component manufacturing. An additional $250 million in the second plant will fuel chipmaking tools with Applied Materials.
According to Kharge, the development will bring innovation to chipmaking tools. He emphasized that this "will be the beginning of a great ecosystem of manufacturing in not only in Karnataka, but India."
An earlier tweet by Tamil Nadu Chief Minister M K Stalin revealed that the said company is also in talks to venture into Tamil Nadu. According to the tweet, Stalin and Foxconn Group chairman Liu discussed investment to establish a mobile component manufacturing facility in Kancheepuram.
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