iPhone Maker Foxconn Buys Huge 1.2 Million sq. ft Site in Bengaluru For Rs 3,03,80,57,050| DEETS HERE - Times Now

iPhone Maker Foxconn Buys Huge Site In Bengaluru For 13 Million

Photo : IANSHINDI

New Delhi: As it looks to diversify its production away from China following strict COVID rules, electronics giant Foxconn has bought a huge tract of land on the outskirts of Bengaluru, the key Apple supplier said in a filing on Tuesday. The 1.2 million-square-metre (13 million-square-foot) acquisition in Devanahalli, near the airport for Indian tech hub Bengaluru, was announced in a statement to the London Stock Exchange. Foxconn is the world's biggest contract electronics manufacturer and a principal assembler of Apple iPhones.

Earlier in March, Karnataka state chief minister Basavaraj S. Bommai said in March that Apple would "soon" manufacture iPhones at a new plant in the state, creating "about 100,000 jobs".

Earlier last month, Bloomberg News had reported that Foxconn was planning to invest $700 million in a new factory in Karnataka the same month, citing unnamed sources. Foxconn chairman Young Liu visited the state then to "deepen partnerships... and seek cooperation in new areas such as semiconductor development and electric vehicles", he said in a statement. He also met with Prime Minister Narendra Modi, who said the pair's "discussions covered various topics aimed at enhancing India's tech and innovation eco-system".

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Notably, Foxconn has manufactured Apple handsets in India since 2019 at its plant in the southern state of Tamil Nadu. Two other Taiwanese suppliers, Wistron and Pegatron, also manufacture and assemble Apple devices in India.

Apple has been making its own push into India and chief executive Tim Cook last month opened its first two retail stores in the world's most populous country. The California-based firm is betting big on the nation of 1.4 billion people -- home to the second-highest number of smartphone users in the world, after China.

The world's biggest company in terms of market value is also expanding its manufacturing footprint in India.

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Apple said last September it would manufacture its latest iPhone 14 in India, just weeks after launching the flagship model. The country last year accounted for seven per cent of Apple's iPhone production, according to Bloomberg, lagging behind the United States, China, Japan and other countries. Apple's expanding manufacturing in India is a boost to Modi's "Make in India" strategy, under which he has urged foreign businesses to manufacture goods in the South Asian nation.

(With AFP Inputs)

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iPhone Maker Foxconn Buys Huge 1.2 Million sq. ft Site in Bengaluru For Rs 3,03,80,57,050| DEETS HERE - Times Now
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