Foxconn Plans USD 1.2 Bn Investments In Karnataka
Amidst the semiconductor funding, Foxconn Technology is again in talks for its new investment in India. The Taiwanese company is reportedly to invest more than USD 1.2 billion in the state of Karnataka, according to media reports on Tuesday.
Foxconn will also add two-component factories in the southern state thereby, expanding a steady diversification from China, mitigating US economic risk and technology sanctions, the report said additionally.
It said the Semicon major’s one company in Karnataka will be dedicated to the manufacturing of Apple’s parts including iPhones which is expected to create about 100,000 jobs.
A formal announcement of the financing is yet to be disclosed and is expected soon this week.
Reports mentioned that Foxconn is spending nearly USD 500 million on the two complexes on top of a USD 700 million facility. It aims to build on a 300-acre site close to Bengaluru’s airport.
The additional sites highlight Apple's partner’s envisioned spending for northern India, which is USD 1.2 billion, a big outlay for the Taiwanese company that traditionally assembles the vast majority of devices for Apple and other US brands from central and southern China.
Meanwhile, Apple, Foxconn and the Karnataka government have not responded to the investment plans. But the move is likely to bring a promising Semicon future for the country.
