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Karnataka Government-Foxconn sign LOI, investments of Rs 5,000 Cr to generate 13,000 jobs
Large and Medium Industries Minister MB Patil said on Wednesday that the Karnataka government and iPhone maker Foxconn have signed the Letter of Intent
BENGALURU: Large and Medium Industries Minister MB Patil said on Wednesday that the Karnataka government and iPhone maker Foxconn have signed the Letter of Intent (LOI) for two projects with an estimated investment outlay of Rs 5,000 crore generating 13,000 jobs. These projects are in addition to the iPhone end assembly plant which the Taiwanese company has planned to set up at Devanahalli ITIR with an investment of about Rs.14,000 crore
Giving out details about the signing formalities that took place at a private hotel in Chennai on Monday he stated that Foxconn Chairman Young Liu and State IT/BT minister Priyanka Kharge were present on the occasion.
According to Patil, the intended projects include a Phone enclosure project for which FII (Foxcon Industrialist Internet), a Foxconn's Subsidiary, invests (Rs 3,000 Cr) ($ 350 Mn) that is estimated to create 12,000 employments. The other project is the Semicon equipment project wherein Foxconn would invest Rs 2,000 Cr ($ 250 Mn) to take up a project in collaboration with Applied Materials that is likely to generate
1000 jobs, he added.
The Letter of Intent (LoI) outlines the framework for the proposed two projects that Foxconn plans to establish in the state.
The phone Enclosure unit will engage in
manufacturing subassembly components for smartphones, specifically mechanical enclosures of iPhones. About this FII is currently evaluating suitable land parcels in and around Bengaluru.
It is noted here that the FII leadership team had met and held discussions with Karnataka Chief Minister Siddaramaiah, Ministers MB Patil and Priyanka Kharge a few weeks ago at Bengaluru regarding the above project. Followed by the discussion, the company team was taken to Japan Industrial Township in Tumakuru on the same day where the available 100-acre parcel of land was shown.
Company's Semicon Equipment Manufacturing project
in collaboration with Applied Materials is to establish a production unit for semiconductor manufacturing equipment. The location for this project is likely to be finalised at the Haraluru Muddenahalli - Hi-Tech Aerospace and Defence Park-Phase II in Bengaluru Rural district, where Foxconn has sought a 35-acre plot.
Young Liu was in India to attend SemiconIndia 2023 in Gandhinagar of Gujarat, and subsequently visited Chennai on Monday.
Dr E.V. Ramana Reddy, Additional Chief Secretary to the Department of Electronics Information Technology Biotechnology and Science and Technology and Ms Gunjan Krishna, Commissioner for Industrial Development, Department of Industries andCommerce, Government of Karnataka were present.
