Foxconn Deal
Rajeev Chandrasekhar, the Union Minister, and Basavaraj Bommai, the Chief Minister, announced today that Apple phones would be produced at a new 300-acre factory in Karnataka. One lakh people will have jobs thanks to the manufacturing facility, they claimed.
On the outskirts of Bengaluru, Foxconn, the top producer of iPhones, has been given land. According to reports, the 300-acre site has one of Apple’s biggest phone-making facilities.
According to a Bloomberg article, the Taiwanese corporation, well known for its flagship brand Hon Hai Precision Industries Co., intends to invest $700 million in the new facility to increase local production.
Rajeev Chandrasekhar, Union Minister of State for Electronics and IT, complimented the “double engine sarkar” of Prime Minister Narendra Modi and Chief Minister Basavaraj Bommai as he shared the news on Twitter. Mr. Bommai further stated that Karnataka will have “a whole lot of prospects” as a result of the investment.
According to Bloomberg, who cited sources, the facility may also construct Apple’s mobile devices. According to the article, Foxconn may potentially utilize the facility to manufacture some of the components for its embryonic electric vehicle business.
Today, a 17-person Foxconn management delegation led by chairman Young Liu toured the campus near the airport. Foxconn chairman Young Liu stated that Bengaluru was the preferred location for international businesses and has been a pioneer in attracting investment. In the evening, the team would take a flight to New Delhi to meet with Prime Minister Narendra Modi.
The investment, one of Foxconn’s largest single expenditures in India to date, comes as global businesses increasingly move away from China as Washington-Beijing relations rise.
Foxconn, meanwhile, continues to produce iPhones at its sizable manufacturing facility in the Chinese city of Zhengzhou, where it currently employs some 200,000 people.
Foxconn has made a significant investment in India twice now. In a facility in Tamil Nadu, the company is already producing iPhones of the most recent generation.
Foxconn reported earnings of 206 billion dollars in 2021, placing it second internationally in the production of Apple phones. According to reports, Foxconn is the biggest producer of electronics worldwide. It was ranked 20th in the Fortune Global 500 as of the previous year.
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There are 173 campuses and offices for Foxconn spread over 24 nations or regions, including those in China, Japan, Vietnam, the Czech Republic, and the US.
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