The Karnataka government has approved an investment proposal of around Rs 22,000 crore from Foxconn.
Published Date – 8 February 2024, 10:55 PM
New Delhi: Taiwanese electronics manufacturer Foxconn has invited bids to construct a plant in Karnataka with an outlay of Rs 1,200 crore, according to sources. The project will be executed through Foxconn Hon Hai Technology India Mega Development Pvt.
The Karnataka government has approved an investment proposal of around Rs 22,000 crore from Foxconn. “Foxconn’s recent bid for plant construction is for an iPhone factory which it is setting up in Karnataka,” a source aware of the development said.
On February 6, Foxconn had said in a regulatory filing that the announcement about inviting bids was on behalf of its subsidiary Foxconn Hon Hai Technology India Mega Development Pvt Ltd for engaging others to build the plant.
The source said the Rs 1,200 crore bid is not for the company’s semiconductor joint venture with HCL. Last month, Foxconn Hon Hai Technology India Mega Development Pvt Ltd had allocated USD 37.2 million or about Rs 308 crore for setting up a semiconductor joint venture with HCL.
When contacted, the company in a statement said: “Foxconn does not comment on market speculation.
As a publicly listed company, Foxconn will disclose material progress via regulatory filings.” In July, Foxconn had proposed setting up a mobile manufacturing unit in Karnataka with an initial investment of Rs 8,800 crore.
The Karnataka government further approved an investment of over Rs 13,000 crore from Foxconn in December. Government sources had earlier said that the investment for the factory to be set up at Devanahalli (Karnataka) will make iPhones and employ around 50,000 people in the first phase.
