Foxconn to invest ₹8,800 in Karnataka: company proposes in meeting with CM Siddaramaiah

Taiwan's electronics company Foxconn has talked about another investment of Rs 8,800 crore with the Karnataka government. This information has been received from a statement given by the Chief Minister's Office.
According to Foxconn Industrial Internet's proposal, the investment would require 100 acres of land and would create 14,000 new jobs after its arrival. As per reports, representatives of the investing Foxconn subsidiary also visited the Japan Industrial Township in Tumakuru.
This is the second investment proposal given to Karnataka by Foxconn and its subsidiaries this year. In March this year, the company selected the Information Technology Industrial Region near Bengaluru airport to set up a phone manufacturing plant, where the company will invest Rs 8,000 crore. The manufacturing unit with the proposed investment of this unit is expected to be commissioned in April 2024.
Foxconn was recently in the news after its deal with Vedanta to set up a semiconductor manufacturing plant in Gujarat was canceled. Reports at the time suggested that Vedanta was unable to acquire the technology needed to manufacture the chips, which led to frequent delays in the deal.
A statement issued from the Chief Minister's Office said that CM Siddaramaiah chaired a meeting which was also attended by Foxconn Industrial Internet CEO Brand Cheng and his delegation. The meeting discussed the proposal to build one more supplementary plant in the ITIR area at Devanahalli. The statement said that instead of the mechanical components required for the phone, the company will manufacture the screen and outer cover. It will serve as a supplementary plant to the assembly unit at Devanahalli.