K’taka-Foxconn sign Letter of Intent or two more projects, investments of Rs 5,000 crore

The Karnataka authorities and that iPhone maker Foxconn have signed a Letter of Intent (LOI) for two initiatives with an estimated funding outlay of Rs 5,000 crore producing 13,000 jobs, state Large and Medium Industries Minister M.B. Patil mentioned on Wednesday.

These initiatives are along with the iPhone finish meeting plant which the Taiwanese firm has deliberate to arrange at Devanahalli ITIR within the outskirts of Bengaluru with an funding of about Rs.14,000 crore.

Giving out particulars concerning the signing formalities that occurred at a non-public lodge in Chennai on Monday, Patil mentioned that Foxconn Chairman Young Liu and state IT/BT minister Priyanka Kharge had been current on the event.

According to the minister, the supposed initiatives embrace a Phone enclosure undertaking for which FII (Foxconn Industrialist Internet), a Foxconn subsidiary, invests Rs 3,000 crore ($350 mn) that’s estimated to create 12,000 jobs.

The different undertaking is the Semicon gear undertaking whereby Foxconn would make investments Rs 2,000 crore ($250 mn) to take up a undertaking in collaboration with Applied Materials that’s prone to generate 1000 jobs, he added.

The Letter of Intent outlines the framework for the proposed two initiatives that Foxconn plans to determine within the state. The telephone enclosure unit will have interaction in manufacturing subassembly elements for smartphones, particularly mechanical enclosures of iPhones.

FII is presently evaluating appropriate land parcels in and round Bengaluru. It is famous right here that the FII management crew had met and held discussions with Karnataka Chief Minister Siddaramaiah, Ministers Patil and Kharge a couple of weeks in the past at Bengaluru concerning the above undertaking.

Followed by the dialogue, the corporate crew was taken to Japan Industrial Township in Tumakuru on the identical day the place the accessible 100-acre parcel of land was proven.

Company’s Semicon Equipment Manufacturing undertaking in collaboration with Applied Materials is to determine a manufacturing unit for semiconductor manufacturing gear.

The location for this undertaking is prone to be finalised on the Haralur Muddenahalli – Hi-Tech Aerospace and Defence Park-Phase II in Bengaluru Rural district, the place Foxconn has sought a 35-acre plot.

Liu was in India to attend SemiconIndia 2023 in Gandhinagar, and subsequently visited Chennai on Monday. Dr E.V. Ramana Reddy, Additional Chief Secretary, Electronics and Information Technology, Biotechnology, and Science and Technology and Commissioner of Industrial Development Gunjan Krishna had been additionally current.

(With inputs from IANS)