Karnataka welcomes Foxconn’s ₹22,000 crore investment and job creation

Under the leadership of Chief Minister Siddaramaiah, the Karnataka government recently held a meeting with Young Liu, CEO and Chairman of Hon Hai Technology Group (Foxconn), to discuss increasing the company's investment in the state and exploring future expansion opportunities.

The discussion centered on Foxconn’s existing and forthcoming projects, which are expected to significantly boost Karnataka's economic growth, generate employment, and foster technological advancements.

One of the major initiatives under consideration is Foxconn's new mobile phone assembly unit, known as Project Elephant, to be established in Karnataka.

For this venture, Foxconn has secured 300 acres of land in the Information Technology Investment Region (ITIR) Industrial area, which covers Doddaballapura and Devanahalli Taluk in the Bengaluru Rural District.

With a substantial investment of ₹22,000 crore, the project aims to create over 40,000 jobs.

Last year, Foxconn formalized its commitment through a Memorandum of Understanding (MoU) with the Karnataka government.

In March, the state government approved Foxconn’s initial proposal to invest $1 billion in an iPhone manufacturing facility under Project Elephant.

Subsequently, the company decided to enhance its investment by an additional $1.7 billion.

This meeting comes shortly after Prime Minister Narendra Modi's recent discussion with Liu about Foxconn’s investment strategies in India.

Foxconn’s plans include expanding its manufacturing footprint in the country by adding iPad assembly operations at its Sriperumbudur facility in Tamil Nadu, complementing its existing iPhone production. The company is also exploring the possibility of producing AI servers in India.

In September of the previous year, V Lee, Foxconn’s representative in India, revealed that the company intended to double its investment and expand its business operations in the country within a year.