Under the direction of Chief Minister Siddaramaiah, the Karnataka State High-Level Clearance Committee (SHLCC) has authorised Foxconn's investment request in the southern state.
Foxconn, the company that makes Apple iPhones, is putting down an additional $1.67 billion, or about Rs 13,920 crore, in Karnataka, according to the media outlet Reuters. Under the direction of Chief Minister Siddaramaiah, the Karnataka State High-Level Clearance Committee (SHLCC) has authorised Foxconn's investment request in the southern state.
According to reports, Foxconn is investing an additional sum of money to establish a manufacturing facility in Devanahalli, where it has already purchased 300 acres of land. The iPhone manufacturer stated in November that it intended to increase its presence in India by investing an additional NT$50 billion ($1.6 billion) in infrastructure projects.
In August of last year, the state government of Karnataka declared that Foxconn intended to spend $600 million on two-component factories located in the state of southern India. The government stated at the time that this included a plant it would run in partnership with Applied Materials Inc. to manufacture semiconductor equipment and a plant that would create mechanical spaces for iPhones.
Foxconn plans to construct a $700 million plant on a 300-acre plot of land in Devanahalli, close to the Bengaluru airport, on top of those two projects. Presumably, iPhones are assembled at that facility.
"It is a significant opportunity for Foxconn to engage with the Government of Karnataka and move forward with the establishment of these ventures," Karnataka Industries Minister MB Patil said in a previous interview, HT reported. The initiatives will create job possibilities for thousands of skilled workers and considerably boost the state's economy.
(With inputs from Reuters)
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