Siddaramaiah Meets Foxconn CEO Seeking Potential Investment In Karnataka

SUMMARY

The meeting focused on Foxconn's current and upcoming projects, which are anticipated to substantially enhance the state's economic growth, create job opportunities and drive technological innovation

Foxconn will be setting up a mobile phone assembly unit, Project Elephant, in Karnataka

Last year, Foxconn signed a Memorandum of Understanding (MoU) with the Karnataka government

Chief Minister Siddaramaiah-led Karnataka government has met Hon Hai Technology Group’s (Foxconn) CEO and Chairman Young Liu to discuss ramping up the company’s investment across the state and navigating the future expansion opportunities.

According to an ET report, the meeting focused on Foxconn’s current and upcoming projects, which are anticipated to substantially enhance the state’s economic growth, create job opportunities and drive technological innovation.

Foxconn will be setting up a mobile phone assembly unit, Project Elephant, in Karnataka. For this project, the company has reportedly acquired 300 acres of land in the ITIR Industrial area, spanning Doddaballapura and Devanahalli Taluk in Bengaluru Rural District.

The project, with an investment of Rs 22,000 Cr, is expected to create over 40,000 jobs.

Last year, Foxconn signed a Memorandum of Understanding (MoU) with the Karnataka government. In March, the state approved Foxconn’s proposal to invest $1 Bn in an iPhone factory, dubbed “Project Elephant.” The company later increased its investment by an additional $1.7 Bn.

This comes days after Prime Minister Narendra Modi met Liu to discuss the electronics manufacturer’s investment plans in India.

Foxconn plans to expand its manufacturing in India by setting up iPad assembly infrastructure at its Sriperumbudur facility in Tamil Nadu, alongside its current iPhone assembly. The company is also considering manufacturing AI servers in the country.

In September last year, Foxconn’s India representative V Lee said that the company was planning to double its investments and business size in India in a year.