The government of Karnataka has approved an additional investment of Rs. 139.11 billion by Foxconn Hon Hai Technology India Mega Development Private Limited in Bangalore.
Foxconn is making an investment of Rs 85 billion for the manufacturing unit, which is expected to generate over 100,000 employment opportunities within the state in the next 10 years. Production at the plant is scheduled to commence by April 2024, with investments spread over three phases. It is expected that Foxconn will invest Rs 30 billion in phase 1 (2023-2024), followed by Rs 40 billion in phase 2 (2025-2026), and Rs 10 billion in phase 3 (2026-2027). The manufacturing targets include 100,000 units of iPhones by December 2025, 5 million units by December 2026, 10 million by December 2027, and 20 million by December 2028.
The work is underway on Foxconn’s manufacturing facility, located on 300 acres of land near Kempegowda International Airport in Bangalore. The manufacturing facility is being set up within the Information Technology Investment Region (ITIR) industrial area at Doddaballapur.
Earlier in 2023, Foxonn had already received an approval to invest Rs. 80 billion. This move by the company is part of its ‘China plus one’ strategy to diversify production away from China.
