Foxconn will invest $600mn in Karnataka for iPhone components, chipmaking
What's the story
Taiwanese contract manufacturing giant Foxconn plans to invest $600 million in two projects in Karnataka, India.
The company will put $350 million into an iPhone component unit, creating 12,000 jobs, and use the remaining $250 million for a chip-making tools project in collaboration with Applied Materials.
Foxconn's Chairman, Young Liu, met with Karnataka's IT and Industries Ministers to discuss these investments.
Details
Foxconn's interest in India has been steadily increasing
Foxconn's interest in India has been steadily increasing. The company recently bought 300 acres of land in Bengaluru for a smartphone manufacturing factory.
It is unclear whether the newly announced $350 million investment is related to the same factory.
Foxconn has also shown a desire to be a part of India's semiconductor aspirations. Its partnership with Vedanta was, however, called off.
What Next?
India has become an attractive destination for tech companies
The economic and social implications of Foxconn's investment in Karnataka are substantial. Thousands of jobs will be created, and the local economy will benefit from this capital infusion.
This move emphasizes India's growing importance in the global tech industry, attracting more companies to invest.
Multiple tech titans, including Apple, Micron, and AMD, have plans to increase their investment in India.