Karnataka greenlights Foxconn's Rs. 13,911 crore investment boost

In a significant development, the Karnataka government has greenlit an additional investment of Rs. 13,911 crores by Foxconn Hon Hai Technology India Mega Development in Bengaluru Rural district. This substantial investment was officially sanctioned on December 12, 2023, following the State High-Level Clearance Committee's meeting led by Chief Minister Siddaramaiah in Belagavi.

Foxconn had previously received approval earlier in the year for an Rs. 8,000 crore investment earmarked for a mobile manufacturing unit within the state. Concurrently, progress continues on Foxconn's manufacturing hub sprawling over 300 acres near Kempegowda International Airport in Bengaluru, situated within the Information Technology Investment Region (ITIR) industrial zone at Doddaballapur in Devanahalli taluk.

The committed investment of Rs. 8,500 crores by Foxconn is expected to yield over one lakh employment opportunities within the state over the coming decade. Commencing operations as early as April next year, the plant's investments are structured across three phases. Phase-I (2023-2024) is poised to witness an infusion of Rs. 3,000 crores, followed by Rs. 4,000 crores in Phase-II (2025-2026), and concluding with Rs. 1,000 crores in Phase-III (2026-2027).

In alignment with its production roadmap, Foxconn aims to manufacture one lakh units of iPhones by December 2025, scaling to 50 lakh units by December 2026, a staggering one crore by December 2027, and an ambitious two crores by December 2028. This strategic move by Foxconn underscores its commitment to diversifying production within the country, marking a significant step in bolstering India's manufacturing landscape.