Apple Manufacturer Foxconn Buys Land In Bengaluru For INR 300 Crore Also known by its official name, Hon Hai Precision Industry, Foxconn is reportedly the world's biggest contract electronics manufacturer and a principal assembler of Apple iPhones

By Teena Jose

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Taiwanese electronics giant Foxconn, the largest supplier of Apple Inc, in a filing on Tuesday has said that it bought a huge amount of land on the outskirts of Indian tech hub Bengaluru to diversify production away from China. According to media reports, its subsidiary Foxconn Hon Hai Technology India Mega Development was paying ₹ 300 crore for the site.

Also known by its official name, Hon Hai Precision Industry, Foxconn is reportedly the world's biggest contract electronics manufacturer and a principal assembler of Apple iPhones. It also added that its subsidiary Foxconn Hon Hai Technology India Mega Development was paying three billion rupees ($37 million) for the site. The 13 million-square-foot acquisition in Devanahalli, near the airport of Bengaluru, was announced in a statement to the London Stock Exchange. The company statement also added that another Foxconn unit was acquiring land use rights to a 480,000-square-metre site in Vietnam's Nghe An province.

As per earlier reports, Karnataka chief minister Basavaraj Bommai said in March that Apple would soon manufacture iPhones at a new plant that would create about 100,000 jobs. It was also reported that Foxconn was planning to invest $700 million in a new factory in Karnataka.

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.

Foxconn started manufacturing Apple handsets in India in 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.

Apple's expanding manufacturing in India is a boost to PM Modi's "Make in India" strategy, under which he has urged foreign businesses to manufacture goods in the South Asian nation.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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