Apple supplier Foxconn to invest additional Rs 13,911 cr in Karnataka

The SHLCC approved Apple supplier Foxconn's proposal to invest an additional Rs 13,911 crore. The company has already received approval to invest Rs 8,000 crore in the state

Apple supplier Foxconn plans to invest an additional Rs 13,911 crore ($1.67 billion) in Karnataka, the state government said in a statement on Tuesday.

The state also approved 14 projects worth Rs 34,115 crore, with the potential to create 13,308 jobs across the state. Of the 14 proposals that received the nod, 10 are new projects worth Rs 19,452.40 crore, while the remaining four are additional investment projects of investment worth Rs 14,662.59 crore.

The company has already received approval to invest Rs 8,000 crore in the state. This was revealed by the Minister for Large and Medium Industries, and Infrastructure Development, MB Patil at the conclusion of the 62nd meeting of the SHLCC held at Suvarna Vidhana Soudha in Belagavi.

The Taiwan-based company, which assembles around 70 per cent of iPhones and is the world's largest contract manufacturer, has been diversifying production away from China following Covid-19 disruptions and geopolitical tensions. It has rapidly expanded its presence in India over the past year by investing heavily in manufacturing facilities in the south of the country.

Foxconn is also expected to start manufacturing iPhones in the state by April 2024 — a project expected to create around 50,000 jobs.

New Projects Approved

Company	Location	Investment (in Rs Crore)	Employment
JSW Steel	Ballari district	3,804	2,800
TRIL Bengaluru Real Estate Six Ltd	Bengaluru	3,273	5,500
Toyota Kirloskar Motor Private Ltd	Bidadi	3,237.30	2,037
Toyota Kirloskar Auto Parts Private Ltd	Bidadi	450	243
Embassy Property Developments Private Ltd	Bengaluru Rural	700	600

 

Additional Investments Approved

Company	Location	Additional Investment (in Rs Crore)	Employment
Foxconn Hon Hi Technology India Mega Development Private Ltd	Bengaluru Rural	13,911	-
Bagmane Developers Private Ltd	Bengaluru Urban	361.59	-
Patel Engineering Ltd	Bengaluru Urban	290	-
Vikas Telecom Private Ltd	Bengaluru Urban	100	-