Taiwan’s Foxconn will invest $600 million (roughly Rs. 4,955 crore) in two projects in the southern Indian state of Karnataka for chip equipment manufacturing and casing components for iPhone models, the state government said on Wednesday.
Some $350 million (roughly Rs. 2,890 crore) will go towards setting up the iPhone component unit which will generate 12,000 jobs, while Foxconn will tie up with Applied Materials in a $250 million (roughly Rs. 2,064 crore) project to make chip-making tools, the government said. Reuters was first to report on the investment plans on Wednesday.
The investment decisions follow a meeting between Foxconn Chairman Young Liu, Karnataka’s IT minister Priyank Kharge, and Industries Minister MB Patil.
Foxconn has announced a spate of investments in India in recent weeks. The manufacturing giant signed an agreement with Tamil Nadu to build a new facility for electronic components that will create 6,000 new jobs.
The company plans to invest Rs. 1,600 crore ($194.45 million) to build a campus in Kancheepuram district, near the state’s capital of Chennai.
Foxconn is also targeting India or Thailand for the production of a small battery-powered car under development, the unit’s chief executive said Tuesday.
The Taiwanese company’s EV platform unit Mobility in Harmony (MIH) would be willing to work with its parent or another company to build the new three-seat EV priced below $20,000 (roughly Rs. 16,00,000) and tailor-made for a corporate delivery fleet, MIH CEO Jack Cheng told Reuters in an interview.
Last month, top executives from Foxconn and semiconductor firms Micron and AMD attended a conference in Prime Minister Narendra Modi’s home state, Gujarat, as part of government’s push to lure investments into India’s nascent chip industry.
© Thomson Reuters 2023
