The BJP govt in Karnataka on Monday (March 20) accepted an Rs 8,000 crore proposal by Taiwanese electronic production behemoth Foxconn(Hon Hai Technology Team) to set up a mobile mobile phone manufacturing unit close to Bengaluru.
The proposal was accepted in the Condition Higher-Degree Clearance Committee (SHLCC) meeting chaired by chief minister Basavaraj Bommai.
The production facility will occur up on 300 acres of land at the Data Engineering Financial commitment Region (ITIR) industrial place, Doddaballapur, in Devanahalli Taluk, near the Bengaluru International Airport.
Foxconn will devote Rs 8,000 crore in three phases. The venture is envisioned to crank out 50,000 immediate positions in the upcoming three to five years and far more than 1 lakh employment in the point out over the up coming ten several years.
The proposed Foxconn facility will have a output capability of one lakh cellular phones by December 2025. It aims to scale the manufacturing to two crores by December 2029. Foxconn is envisioned to invest Rs 3,000 crore in the to start with period throughout the 2023-24 fiscal, RsRs 4,000 crore in the second 2025-26 stage and Rs 1,000 crore in the past section during 2026-27.
The major-ticket investment decision represents a considerable get for CM Bommai-led governing administration as it seeks to catapult the condition, which is by now India’s undisputed data technological innovation powerhouse, into a production hub.
On March 3, Foxconn and Karnataka federal government signed a letter of intent in which the Taiwanese giant like to set up a manufacturing facility in around 300 acres at the Info Know-how Financial commitment Area (ITIR) Industrial Area, unfold across Doddaballapur and Devanahalli taluks, on the outskirts of Bengaluru with a proposed generation of more than 1 lakh jobs in the course of the five decades involving 2023 and 27.
A assertion by the business a working day later that the ‘Letter of Intent’ was “not definitive” induced a political slugfest. However, Foxconn chairman Younger Liu wrote a further letter to CM Bommai expressing keenness to get ahead its proposed electronics creation facility in Karnataka.
In a two-web site letter to CM Bommai, Foxconn chairman Youthful Liu mentioned he will “make certain successful grounding of the “Project Elephant” in Bengaluru,”
The letter sought to dispel any confusion induced by the company’s previously statement issued on March 4 that the ‘Letter of Intent’ signed among the business and the Condition govt on March 3 was “not definitive” in nature.