Business News | Karnataka, Foxconn Sign Letter of Intent for Two Projects Worth Rs 5,000 Cr: Minister MB Patil
Get latest articles and stories on Business at LatestLY. Karnataka minister MB Patil said on Wednesday that the state government and electronics major Foxconn have signed the Letter of Intent (LOI) for two projects with an estimated investment outlay of Rs 5,000 crore.
Bengaluru (Karnataka) [India], August 2 (ANI): Karnataka minister MB Patil said on Wednesday that the state government and electronics manufacturing major Foxconn have signed the Letter of Intent (LOI) for two projects with an estimated investment outlay of Rs 5,000 crore.
An estimated 13,000 jobs are expected to be generated through investment intention.
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According to Karnataka's Large and Medium Industries Minister MB Patil, the intended projects include a phone enclosure project for which FII (Foxcon Industrialist Internet), a Foxconn subsidiary, will invest Rs 3,000 crore and a semicon equipment project wherein Foxconn would invest Rs 2,000 crore in collaboration with Applied Materials.
The phone enclosure unit will engage in manufacturing subassembly components for smartphones, specifically mechanical enclosures of iPhones. The Foxconn subsidiary is currently evaluating suitable land parcels in and around Bengaluru.
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It is to be noted that the company leadership team had met and held discussions with Karnataka Chief Minister Siddaramaiah, Ministers MB Patil and Priyanka Kharge a few weeks ago in Bengaluru. The team was taken to Japan Industrial Township in Tumakuru where the available 100-acre land parcel was shown to them.
For the semicon equipment manufacturing project in collaboration with Applied Materials, the location is likely to be finalised at the Haraluru Muddenahalli - Hi-Tech Aerospace and Defence Park-Phase II in Bengaluru Rural district, where Foxconn has sought a 35-acre plot.
Foxconn Chairman Young Liu was in India last week to attend SemiconIndia 2023 in Gandhinagar, and subsequently visited Chennai on Monday. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)