Foxconn To Invest Rs 5,000 Crore In Karnataka; Signs Letter Of Intent
Electronics contract manufacturer Foxconn will invest Rs 5,000 crore to build two component plants in Karnataka, the state government said.
The Karnataka government signed the Letter of Intent with Foxconn Chairman Young Liu for the two projects, which would create employment opportunities for 13,000 people in the state, an official statement announced on Wednesday.
Foxconn will set up a facility for manufacturing sub-assembly components for smartphones, including Apple's iPhones, with an investment of Rs 3,000 crore.
The Taiwanese major will also tie up with U.S.-based Applied Materials on a Rs 2,000 crore project for manufacturing semiconductor equipment.
"The projects will significantly contribute to the state's economic growth and foster employment opportunities for thousands of skilled individuals," state Industries Minister MB Patil said.
Liu, who is in India to attend SemiconIndia 2023, said Karnataka's "conducive business environment, coupled with its skilled workforce, makes it an attractive destination for our high-tech ventures".
In June, Applied Materials announced a $400 million investment for a Collaborative Engineeringcentree in Bengaluru for semiconductor manufacturing equipment research and development.
The Karnataka investment comes less than a month after Foxconn withdrew from a $19.5 billion semiconductor joint venture with Vedanta Ltd. in Gujarat as the venture struggled to get a technology partner to make chips that are used in everything from mobile phones to refrigerators and cars.
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