Foxconn purchases 300 acres of land near Bengaluru airport for $37 million after MoU with Karnataka govt

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Terminal 2 of Kempegowda International Airport

Hon Hai Precision Industry has bought a 300 acre land for approximately Rs 300 crore ($37 million) in the Bengaluru rural district of Karnataka, filings with the London Stock Exchange (LSE) showed. The purchase was done on behalf of its subsidiary Foxconn Hon Hai Technology India Mega Development on May 9.

The land tract is in Devanahalli near Kempegowda International Airport, in the outskirts of Bengaluru. The move comes as the Taiwanese electronics manufacturer looks to diversify production away from China. Foxconn is the biggest supplier of Apple iPhone parts.

"They are going to take possession of the land after May 10 elections" Gunjan Krishna, commissioner for industrial development and director, department of industries and commerce, Karnataka government told Moneycontrol.

On March 20, the Karnataka government signed a mega MoU with Foxconn, with the firm committing to investing Rs 8,000 crore for a mobile manufacturing unit that would provide employment opportunities for 50,000 people in the state.

It may be recalled that in a letter to Bommai dated March 6, Foxconn expressed its keenness to set up an electronics manufacturing unit as part of its ‘Project Elephant’ in Bengaluru. A team of senior executives from Foxconn led by Liu and 16 senior leaders of the company were in the city on March 3.

On March 3, up to 300 acres of land were identified for the manufacturing facility for Foxconn at Information Technology Investment Region (ITIR) industrial area at Doddaballapur in Devanahalli Taluk near the Bengaluru International Airport. The electronics manufacturing unit was projected to generate more than 1 lakh employment opportunities in the next 10 years within the state. A day later, on March 4, the company stated that it had not entered into any binding, definitive agreements for new investments during the trip. This is despite a Letter of Intent being signed between the company and the Karnataka government on March 3. It led to a major embarrassment for Bommai ahead of the assembly polls.

Rajeev Chandrasekhar, Union minister of state for entrepreneurship, electronics & technology, had also tweeted that Apple phones will be built in a new 300-acre factory in Karnataka.

Making base in India
Earlier this month Telangana principal secretary of IT and Industries Jayesh Ranjan told Moneycontrol that Foxconn will hold a "ground-breaking" ceremony in the state on May 15.

The much publicised investment, which is expected to create 1 lakh jobs, will reportedly be the company's biggest single outlay in India. Queries to Ranjan on the size of the investment, the products that Foxconn will make and other details went unanswered.

There has been a lot of buzz around Karnataka and Telangana governments announcing Foxconn's "interest" in investing in their states

iPhone maker Foxconn buys huge site in India

BENGALURU, India: Taiwanese electronics giant Foxconn has bought a huge tract of land on the outskirts of Indian tech hub Bengaluru, the key Apple supplier said in a filing Tuesday as it looks to diversify production away from China.

www.bangkokpost.com

Foxconn purchases 300 acres of land near Bengaluru airport for Rs 300 crore after MoU with Karnataka govt

The land tract is on the outskirts, in Devanahalli near the Bengaluru airport.

www.moneycontrol.com

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Apple iPhone-maker Foxconn to increase production yield in India

Apple’s Taiwanese supplier (Hon Hai) Foxconn has announced that it will focus on increasing production yield in India. Hon Hai head Young Liu revealed his India plans at the earnings call after releasing its quarterly results.

During the call, Liu stated, “India has now reached a population of 1.4 billion people, translating to a large potential market for mid-to-high-end products which our clients are focusing on. Hence, it is necessary for us to continue to expand assembly and component operations in India”.

He further added that many manufacturers are investing and setting up more manufacturing plants in India. He emphasised that in terms of labour cost, India has the upper hand. Just like last year, the iPhone maker-supplier will continue to apply for government incentives to increase its competitiveness in the market.

Talking about the challenges while investing in new regions like India, Liu revealed that in addition to language, culture and manufacturing capabilities and supply chain completeness are the few challenges they are prepping up for.

After a lot of rumours around Foxconn buying land in Bengaluru, Lui clarified that the company has bought 300 acres of land in Bengaluru's Devanahalli taluk near the city's international airport at 3 billion rupees.

When asked about the stiff competition in the Indian market, Liu responded by saying that many players are still in the learning phase.

Liu also talked about the schemes that helped Foxconn have a foothold in the Indian market. According to him, from 2006 back when it entered the Indian market, the company has learned how to manage the local employees, supply chain and logistics. Gaining this experience has helped Foxconn move faster than its competitors and expand quickly.

Back in March this year, Karnataka Chief Minister Basavaraj Bommai stated that the world’s largest company by market value would “soon” manufacture iPhones at a new plant in the state and create around 1,00,000 jobs.

In March, Foxconn head Young Liu also met PM Narendra Modi who tweeted, “Had a good meeting with Mr. Young Liu. Our discussions covered various topics aimed at enhancing India’s tech and innovation eco-system.

Apple iPhone-maker Foxconn to increase production yield in India

Foxconn head Young Lui clarified that the company has bought 300 acres of land in Bengaluru's Devanahalli taluk near the city's international airport

www.google.com

 

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Foxconn, Telangana government break ground on $500 million manufacturing plant

Chief Executive Officer Foxconn Interconnect Technology Sidney Liu and Telangana's IT and Industries minister KT Rama at the ground breaking ceremony of the upcoming manufacturing plant at Kongara Kalan, outside Hyderabad

Taiwanese contract manufacturing giant Foxconn and the Telangana government on Monday conducted the groundbreaking ceremony for its upcoming $500 million manufacturing plant in Kongara Kalan, located outside Hyderabad. The plant is expected to create 25,000 direct job opportunities in its initial construction phase.

https://twitter.com/x/status/1657958349789597696

Foxconn Interconnect Technology, a subsidiary of Hon Hai Precision Industry Co Ltd (known as Foxconn internationally), will immediately commence construction of its manufacturing plant. The plant will be built on a 186.7-acre land in Kongara Kalan, which the company recently acquired.

The company, which specialises in the research, development, and production of precision cables, connectors, and cable assembly products for computers, customer electronics, audio products, and automotive electronics, plans to complete and begin operations at KK Park in 9 months.

Moneycontrol was the first to report that the groundbreaking ceremony will take place on May 15.

KK Park will utilise solar panels for green energy and LED lighting. It will also incorporate waste and rainwater collection mechanisms. The living area for employees will provide safe accommodations and facilities, including clinics, clubs, supermarkets, fitness centres, and banks.

The park will also include dedicated corridors for logistics and worker movement.

"This manufacturing plant will require significant investment, and it will enable us to better serve our customers, expand capabilities and create new opportunities for our team members. We encourage new people to join our team, and cannot wait to see new local talent to work with us," said Foxconn Interconnect Technology CEO Sidney Liu.

"We also look forward to continuing our fruitful relationship with the Telangana government," he added.

Telangana's IT and Industries minister KT Rama Rao said," We will ensure that the dream of making this happen in the next nine months, we will ensure our side, support and hopefully by this time next year, we will inaugurate the facility."

Apple supplier Foxconn to invest $500 mln in India's Telangana state

Apple Inc supplier Foxconn will invest $500 million to set up manufacturing plants in the southern Indian state of Telangana, the state's IT minister said on Monday.

www.reuters.com

 

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