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The signing ceremony took place between a high-level delegation of the Government of Karnataka and Foxconn in Chennai recently, where Large and Medium Industries and Infrastructure Development Minister M B Patil and Minister for IT and BT, Rural Development and Panchayat Raj Priyank Kharge along with senior officials met Foxconn Chairman Young Liu and other executives of the company.
The two projects are: phone enclosure project under which the Foxconn subsidiary plans to invest USD 350 million (Rs 3,000 crore) with employment opportunities for 12,000 people, and semicon equipment project in collaboration with Applied Materials with a projected investment of USD 250 million (Rs 2,000 crore) and employment generation for 1,000 people.
The LoI outlined the framework for the two projects that Foxconn plans to establish in the state, an official release said, adding that the Karnataka government reaffirmed its commitment to providing a supportive environment for businesses to thrive.
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”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,” he added.
Foxconn’s Chairman Young Liu, was quoted in the statement as saying: ”We are excited about the possibilities that Karnataka offers for our expansion plans in India. The state’s conducive business environment, coupled with its skilled workforce, makes it an attractive destination for our high-tech ventures. We look forward to building our success story with the state.”
The location for this project is likely to be finalised at Haraluru Muddenahalli – Hi-Tech Aerospace and Defence Park-Phase II in Bengaluru Rural district, where Foxconn has sought a 35-acre land parcel.
Regarding the phone enclosure manufacturing project, the Industries department said Foxconn is setting up a facility for manufacturing sub-assembly components for smartphones, specifically mechanical enclosures of iPhones. The company is currently evaluating suitable land parcels in and around Bengaluru.