Foxconn, a Taiwanese multinational corporation that makes iPhones, also known as Hon Hai Precise Industry, has purchased 300 acres at Devanahalli, close to Bengaluru Airport in an effort to diversify its production away from China, the company announced in a filing to the London Stock Exchange on Tuesday. On May 9, the transaction was carried out on behalf of its affiliate Foxconn Hon Hai Technology India Mega Development.
The filing further mentioned that through its Indian subsidiary, Foxconn Hon Hai Technology India Mega Development, the Tucheng-based company is offering Rs 300 crore for the 1,214,058 square metre site in the Information Technology Investment Region (ITIR).
The land tract is situated on the outskirts of Bengaluru in Devanahalli, close to Kempegowda International Airport. The decision was made as the Taiwanese electronics company sought to diversify its production away from China. The majority of Apple iPhone components are supplied by Foxconn.
As per the reports, the land is in the process of being transferred to Foxconn from KIADB after the project was approved by the company’s high-level committee. The land will be bought from the farmers by KIADB and then given to Foxconn, who is already in the process of receiving it from KIADB. Foxconn will be given the land, which is already in the process of being allocated after KIADB buys it from the farmers. Foxconn is obligated to pay for that. The transfer process is nearly finished.
Basavaraj S. Bommai, the chief minister of the election-bound state of Karnataka, and Rajeev Chandrasekhar, the minister of state for entrepreneurship, electronics, and technology, announced earlier in March that Apple would “soon” build iPhones at a new plant in the region, generating about one lakh jobs. Foxconn agreed to invest Rs 8,000 crore in a mobile manufacturing facility as part of a massive memorandum of understanding the Karnataka government signed with the company. This investment will increase domestic production.
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