Young Liu, Chairman and CEO of Hon Hai Technology Group, also known as Foxconnwill visit Karnataka on Friday, August 16, Moneycontrol reported citing sources.
The head of the world’s largest contract electronics manufacturer is likely to visit Bengaluru to meet the Chief Minister Siddaramaiah and MB Patil, Minister for Large and Medium Industries, the report said.
“Liu will meet with the Chief Minister and the Minister of Industry. He will also visit the Foxconn construction plant. manufacturing “We are working on a plant close to the Kempegowda International Airport in Bengaluru where construction is going on. It is not clear whether any further investments will be announced, but if there are, it will be an advantage for us,” one of the sources told the news website.
Due to protests by farmers and landlords in Devanahalli, land acquisition has been delayed. karnataka The state government later decided the compensation amount for the 300 acres of land allotted to the technology firm in Kundana village, the report said.
According to Prime Minister Narendra Modi’s post on social media platform X on Wednesday, Liu met the prime minister in Delhi to discuss India’s opportunities in futuristic sectors and the company’s investments in the three southern states of Karnataka, Tamil Nadu and Andhra Pradesh.
It was a pleasure meeting Mr. Young Liu, Chairman of Hon Hai Technology Group (Foxconn). I highlighted the wonderful opportunities that India offers in futuristic sectors. We also had great discussions about their investment plans in India in states like Karnataka, Tamil Nadu and Andhra… photo.twitter.com/5tT4xfF51u
– Narendra Modi (@narendramodi) August 14, 2024
Foxconn acquired the Devanahilli land in Bengaluru for ₹300 crore rupees ($37 million) to set up a factory plant within the industrial area of the Information Technology Investment Region (ITIR). The company is investing ₹8,500 crore in the manufacturing plant, which is estimated to generate one lakh jobs in the state in the next decade, the report said.
Production at the plant was expected to begin in April 2024, but has been delayed.
On March 20, the karnataka The state government signed a memorandum of understanding (MoU) with the electronics manufacturer, which pledged ₹8,000 crore for a manufacturing plant that can provide 50,000 employment opportunities in the state, the report said.
Foxconn’s goal is to earn one lakh iPhones by December 2025, 50 lakh by December 2026, one crore by December 2027 and two crore by December 2028, the report said.
The company’s subsidiary, Foxconn Industrial Internet (Fii), has shown interest in a ₹8.8 billion rupees investment in the state, which is estimated to create 14,000 employment opportunities. Company officials met Siddaramaiah and Patil in July to discuss a proposal for an additional plant in the ITIR region of Devanahalli, the report said.
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