Bengaluru : In a remarkable development, the Karnataka government met with Foxconn Chairman Young Liu and signed the Letter of Intent (LOI) for 2 marquee projects in the state, securing investments worth 5000 cr. The 2 projects would create employment opportunities for 13,000 people in the Karnataka state.
The signing ceremony took place between the Government of Karnataka and Foxconn at Hotel Leela Palace in Chennai.
M.B.Patil, Minster for Large & Medium Industries and Infrastructure Development, Government of Karnataka, Priyank Kharge, Hon’ble Minister for IT & BT, Rural Development & Panchayat Raj, Dr. E.V. Ramana Reddy , Additional Chief Secretary to Department of Electronics Information Technology Biotechnology and Science & Technology and Ms. Gunjan Krishna , Commissioner for Industrial Development , Department of Industries & Commerce, Government of Karnataka were present.
The Letter of Intent (LoI) outlined the framework for two ambitious projects that Foxconn plans to establish in the state. The Government of Karnataka reaffirmed its commitment to providing a conducive and supportive environment for businesses to thrive.
Speaking on the occasion, M.B. Patil, said “The meeting between Foxconn Chairman and the Government of Karnataka holds immense promise for the economic landscape of the state, with potential benefits in terms of employment generation, technology advancement, and overall socio-economic growth. The LOIs between Foxconn and Government of Karnataka will boost investments in the State”.
“It is a significant opportunity for Foxconn to engage with the Government of Karnataka and move forward with the establishment of these ventures. The projects will significantly contribute to the state’s economic growth and foster employment opportunities for thousands of skilled individuals” he added.
Foxconn’s Chairman, Young Liu expressed his enthusiasm for exploring these prospective investments in Karnataka, stating, “We are excited about the possibilities that Karnataka offers for our expansion plans in India. The state’s conducive business environment, coupled with its skilled workforce, makes it an attractive destination for our high-tech ventures. We look forward to building our success story with the state.”
The key projects under consideration are Phone Enclosure Manufacturing: Foxconn is setting up a facility for manufacturing subassembly components for smartphones, specifically Mechanical Enclosures of iPhones. The proposed investment for this project is approximately $350 million (Rs 3,000 crore). Upon implementation, this venture is expected to generate employment for around 12,000 people. The company is currently evaluating suitable land parcels in and around Bengaluru.
Semicon Equipment Manufacturing: Foxconn is collaborating with Applied Materials on a project for manufacturing semiconductor manufacturing equipment. The proposed investment for this venture amounts to approximately $250 million (Rs 2,000 crore), and it is anticipated to create employment opportunities for approximately 1000 individuals.
FoxSemicon Integrated Technologies manufactures sophisticated subassemblies for Applied Materials – the world’s largest semiconductor and display equipment manufacturer. Separately, Applied Materials has also recently announced a $400M setup of its Collaborative Engineering centre in India at Bangalore that will work with both domestic and global suppliers to drive Semiconductor manufacturing equipment R&D for next level of innovation and commercialization of technologies.
The location for this project is likely to be finalized at the Haraluru Muddenahalli – Hi-Tech Aerospace and Defence Park-Phase II in Bengaluru Rural district, where Foxconn has sought a 35-acre land parcel.
Young Liu, Chairman of Foxconn, is in India to attend SemiconIndia 2023 in Gandhinagar, Gujarat, and subsequently visited Chennai.
