iPhone manufacturer Foxconn to invest additional $1.67 billion in Karnataka

In November, the iPhone maker announced its plans to expand its footprint in India with another $1.6 billion investment for construction projects.

Updated on: Dec 12, 2023, 21:56:29 IST

By HT News Desk

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Apple iPhone manufacturer Foxconn is all set to invest additional $1.67 billion (roughly ₹14,000 crore) in Karnataka, reported news agency Reuters. Karnataka State High-Level Clearance Committee (SHLCC) chaired by CM Siddaramaiah has approved the Foxconn’s proposal to invest in the southern state.

iPhone manufacturer Foxconn to invest additional $1.67 billion in Karnataka (REUTERS)

The additional investment is reportedly to set up a manufacturing facility in Devanahalli where Foxconn has already acquired 300 acres of land for investments.

Also Read - Karnataka govt, Foxconn sign Letter of Intent for two marquee projects with ₹5,000 crore investment

In November, the iPhone maker announced its plans to expand its footprint in India with another NT$50 billion ($1.6 billion) investment for construction projects.

Karnataka state government in August announced that Foxconn planned to invest $600 million on two component factories in the southern Indian state. That included a plant that will make mechanical enclosures for iPhones and a semiconductor equipment manufacturing plant it will operate with Applied Materials Inc, the government said at the time.

Those two projects are on top of a $700 million facility Foxconn aims to build on a 300-acre site in Devanahalli, which is near Bengaluru airport. That plant is likely to assemble iPhones.

Speaking to reporters earlier, Karnataka Industries minister MB Patil said, “It is a significant opportunity for Foxconn to engage with the Government of Karnataka and move forward with the establishment of these ventures. The projects will significantly contribute to the state's economic growth and foster employment opportunities for thousands of skilled individuals."

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HT News Desk
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