Taiwan’s Foxconn will invest $600 million (approximately Rs. 4,955 crore) in two projects in the southern Indian state of Karnataka for chip equipment manufacturing and casing components for iPhone models, the government of Karnataka, southern India, said on Wednesday. .
Around $350 million (approximately Rs. 2,890 crore) will be used to set up an iPhone components unit that will create 12,000 jobs, while Foxconn will collaborate with Applied Materials on a $250 million (approximately Rs. 2,064 crore) chip manufacturing project. Tools, the government said. Reuters first reported the investment plan on Wednesday.
The investment decision was taken after a meeting between Foxconn Chairman Liu Yang, Karnataka IT Minister Priyank Kharge and Industries Minister MB Patil.
In recent weeks, Foxconn has announced significant investments in India. The manufacturing giant has signed an agreement with Tamil Nadu to build a new electronic components factory that will create 6,000 new jobs.
The company plans to invest Rs. It will cost 16 billion rupees ($194.45 million) to build a campus in Kancheepuram district near the state capital, Chennai.
Foxconn is also targeting India or Thailand to produce small electric vehicles it is developing, its chief executive said on Tuesday.
The Taiwanese company’s electric vehicle platform unit Mobility in Harmony (MIH) is willing to work with its parent company or other companies to build new three-seater electric vehicles priced under $20,000 (approximately Rs. 16,00,000) and customized for enterprise delivery Automotive MIH CEO Jack Cheng said in an interview with Reuters.
Last month, executives from Foxconn, semiconductor firm Micron and Advanced Micro Devices attended a conference in Prime Minister Narendra Modi’s home state of Gujarat as part of the government’s efforts to attract investment into India’s nascent chip industry.
© Thomson Reuters 2023
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