Foxconn Group Revealed An Investment Project In Karnataka

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Foxconn Group Revealed An Investment Project In Karnataka
04 Mar 2023
5 min read

News Synopsis

Hon Hai Technology Group (Foxconn) has announced a significant investment in the state, according to an official statement released on Friday. This announcement will support India's Atmanirbhar Bharat ambitions and Karnataka's success in attracting investments in the electronics manufacturing and assembly segment.

The project's 300 acres of land have been located in the Doddaballapura and Devanahalli taluks, which are close to Bengaluru International Airport.

Sixteen senior leaders from Foxconn, led by CEO and Chairman Young Liu, arrived in Bengaluru on Friday. C.N. Ashwath Narayan, the minister of information technology and telecommunications, science, and technology, welcomed them at the airport.

Following a thorough presentation on the airport's cargo infrastructure and facilities by senior officials from Bengaluru Airport International Ltd (BIAL), they started with a tour of the world-class new terminal 2, which was recently inaugurated by Prime Minister Shri Narendra Modi . The team then went to the proposed location for a site view.

Next, they had lunch with Minister of Medium and Large Industries Murugesh R. Nirani and visited Chief Secretary Vandita Sharma at the Vidhana Soudha.

The visit came to an end with a dinner hosted by Chief Minister Basavaraj Bommai, who spoke with Liu about Foxconn's investment intentions and gave the project his complete support. During the course of the next ten years, it is anticipated that the electronics manufacturing project would create more than 100,000 new employment opportunities throughout the state.

The largest electronics manufacturer in the world, Foxconn has 173 campuses and offices spread across 24 countries and regions. Its total revenue is expected to exceed NT$6 trillion in 2022, and as of last year, it was ranked 20th on the Fortune Global 500.

Smart consumer electronics (smartphones, TVs, game consoles, etc.), cloud and networking Products (servers, communication networks, etc.), computing Products (computers, tablets, etc.), and components and others (connectors, mechanical parts, services, etc.) are the company's main product categories, according to the official announcement.

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