Foxconn, a key supplier for Apple, is set to significantly boost its investment in Karnataka, India. Recently approved by the State High Level Clearance Committee (SHLCC), Foxconn’s proposal to invest an additional Rs.13,911 crore ($1.67 billion) has been greenlit, augmenting its existing approved investment of Rs.8,000 crore in the region.
This substantial injection of funds by Foxconn is part of a larger approval of 14 projects totaling Rs.34,115 crore sanctioned by the state government. These projects hold the promise of generating 13,308 job opportunities across Karnataka. Among these projects, 10 are brand-new ventures amounting to Rs.19,452.40 crore, while the remaining four represent supplementary investments worth Rs.14,662.59 crore.
The revelation of Foxconn’s increased investment came from MB Patil, the Minister for Large and Medium Industries and Infrastructure Development, following the conclusion of the 62nd SHLCC meeting at the Suvarna Vidhana Soudha in Belagavi.
Foxconn, headquartered in Taiwan, serves as the principal assembler of approximately 70% of iPhones worldwide and stands as the largest contract manufacturer globally. Driven by disruptions caused by the Covid-19 pandemic and escalating geopolitical tensions, the company has actively diversified its production bases away from China.
In the last year, Foxconn has significantly increased its investments in India, especially in the southern part, showing the company’s focused efforts to expand strategically. Foxconn aims to commence the manufacturing of iPhones within the state by April 2024. The big project is expected to create around 50,000 jobs, making a major impact on the local job scene.
Foxconn is stepping up its investment in Karnataka, showing a strong dedication to making more stuff in India. This matches what lots of big companies are doing—spreading out where they make things to be stronger against tough global problems. By putting more money into Karnataka, Foxconn wants to use the state’s good business setup and infrastructure to make way more things. This not only helps Karnataka become a better place to invest in but also helps grow India’s electronics making scene.
Foxconn’s plans to set up iPhone manufacturing in India represent a major milestone for the company’s journey in the country. It’s not just about finances; it’s about driving technological progress, fostering new skills, and creating job opportunities that will benefit the state’s growth.
Foxconn’s reinforced investment commitment in Karnataka signals a promising trajectory for both the company and the region, poised to catalyze industrial growth, technological innovation, and employment generation in the years to come.