Karnataka, Foxconn Ink LOI For Two Projects Worth Rs 5,000 Cr Says MB Patil By CIOTechOutlook Team

Karnataka, Foxconn Ink LOI For Two Projects Worth Rs 5,000 Cr Says MB Patil

CIOTechOutlook Team | Thursday, 03 August 2023, 02:45 IST

Foxconn and the state of Karnataka have signed a Letter of Intent (LOI) for two projects totaling an estimated Rs 5,000 crore in investment, according to state minister MB Patil.Through planned investments, 13,000 jobs are anticipated to be created.

The planned projects include a phone enclosure project for which FII (Foxcon Industrialist Internet), a Foxconn subsidiary, will invest Rs 3,000 crore, and a semicon equipment project for which Foxconn would invest Rs 2,000 crore in cooperation with Applied Materials, according to Karnataka's Large and Medium Industries Minister MB Patil.

The phone enclosure unit will produce subassemblies for cellphones, particularly the mechanical iPhone enclosures. In and around Bengaluru, the Foxconn affiliate is now assessing suitable land parcels. It should be mentioned that the firm leadership team met and spoke with Ministers MB Patil and Priyanka Kharge, as well as Karnataka Chief Minister Siddaramaiah, a few weeks ago in Bengaluru. The 100-acre land piece was exhibited to the crew when they were escorted to Japan Industrial Township in Tumakuru.

Foxconn has requested a 35-acre plot in the Haraluru Muddenahalli - Hi-Tech Aerospace and Defence Park-Phase II in Bengaluru Rural area for the semicon equipment manufacturing project in conjunction with Applied Materials.

Young Liu, the chairman of Foxconn, visited Chennai after spending a week in India attending SemiconIndia 2023 in Gandhinagar.