Foxconn invests $600 million in Karnataka plants
Foxconn is now on an investment binge in India and has just announced plans to spend 600 million USD on factories in the state of Karnataka. Foxconn, which is responsible for the assembly of seventy percent of all iPhones, is currently on a mission to relocate part of its production activities outside of China.
NEW DELHI: Foxconn, a Taiwanese electronic company, has recently launched a number of projects in India as part of an effort to diversify its operations away from China. The second-largest electronic manufacturing business in the world, Foxconn, on Wednesday signed a LOI to invest USD 600 million in two projects in Karnataka.
For the purpose of establishing an iPhone component facility, the business will spend about USD350 million. In order to create chip-making tools for the second project, it has teamed up with US tech giant Applied Materials in a USD250 million collaboration.
Around 12,000 new employment in the state are anticipated to result from the investment. In a statement, Young Liu Foxconn chairman said, “We are delighted about the prospects that Karnataka offers for our expansion aspirations in India.
Foxconn, formerly known as Hon Hai Technology Group, already revealed a proposal to invest in another South Indian state a few days prior to this announcement. The business announced that it will spend Rs 1,600 crore to open its manufacturing facility in Kanchipuram, Tamil Nadu. 6,000 jobs in the state are anticipated to be created by the project.
Foxconn is on a mission to relocate some of its manufacturing facilities outside of China. Foxconn assembles 70% of iPhones. It is concerned that if relations between China and the US deteriorate, the US may impose technical and economic restrictions on China.
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