Following a meeting between Foxconn Chairman Young Liu, Karnataka's IT Minister Priyank Kharge, and Industries Minister MB Patil, investment decisions were made
A project of jumpstarting two manufacturing plants worth $600 million has been undertaken by Taiwanese manufacturer Foxconn, according to a fresh report from Reuters. Applied Materials – an American manufacturing firm – will supposedly partner for one of the projects.
For a unit to produce casing parts for cellphones, including Apple’s iPhones, Foxconn will invest $350 million. 12,000 jobs are anticipated to be created by this unit. The business already has an iPhone assembly facility in Tamil Nadu.
The second plant will receive a $250 million investment from the corporation, which will create chip-making tools in collaboration with Applied Materials, a renowned manufacturer of semiconductor equipment.
Following a meeting between Foxconn Chairman Young Liu, Karnataka’s IT Minister Priyank Kharge, and Industries Minister MB Patil, investment decisions were made.
This news comes a day after the Karnataka government said that Foxconn would invest Rs 1,600 crore to build a mobile component manufacturing facility in Tamil Nadu’s Kanchipuram district. Six thousand jobs should be generated by the plant. TRB Rajaa, the minister of industries for Tamil Nadu, claimed that Foxconn’s ongoing investments and development plans in the state—a reference to its iPhone assembly factory in Chennai—show that the region is a top pick for manufacturing for large corporations worldwide.
Karnataka, meanwhile, struck yet another significant agreement with International Battery Company (IBC) on Tuesday. IBC has agreed to invest Rs 8,000 crore ($971.89 million) in the construction of a battery manufacturing facility.
