Taiwan-based iPhone assembler Foxconn has purchased 300 acres of land in Bengaluru Rural for ₹300 crore, according to the company’s filing with the London Stock Exchange (LSE).
The land is located on the outskirts of the city of Devanahalli, near Kempegowda International Airport. Foxconn, also known as Hon Hai Precision Industry, had previously said that it would be investing in Karnataka.
Recently, Karnataka Chief Minister Bommai announced that the government had signed an agreement with Foxconn and indicated that it would bring about 1 lakh jobs to the State. Earlier reports had also surfaced about Foxconn’s plans to invest $700 million in a new plant in India to ramp up local production. This comes as the company looks to diversify its production beyond China.
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The government’s announcement of investment created tension after Foxconn denied entering into any definitive agreement. Later, Foxconn’s Chairman Young Liu said in a letter to Karnataka Chief Minister Basavaraj Bommai, “My team will be in close contact with your team to take this forward and ensure successful grounding of “Project Elephant” in Bengaluru. I am confident that this project will lay a strong foundation for our other multiple plans, spanning mechanical and precision machinery, electric vehicles, IC design, and semiconductor segments, to consider your State as a potential investment destination.”
The company had shown similar investment interest in Telangana as well. In 2019, Foxconn began producing Apple phones in India at its facility in Tamil Nadu, in the south. Wistron and Pegatron, two other Taiwanese suppliers, also produce and assemble Apple products in India.