To demonstrate its rising interest in the South Asian country as it expands its investments beyond China, Foxconn will invest $600 million (about 4,938.12 crores) in two projects in Karnataka to produce casing components for iPhones and chip-making equipment.
According to a statement from the Karnataka government, Foxconn will collaborate with Applied Materials on a $250 million initiative to create chip-making tools. The state government claimed that because the agreements for both projects were made through ‘letters of intent,’ the specifics may change.
Around 1,000 new employees will be created through Foxconn’s partnership with Applied Materials on a project to manufacture semiconductor fabrication equipment. Additionally, Foxconn is in discussions with Gujarat to establish a chip manufacturing facility and aims to apply for incentives under a $10 billion Centre programme to boost semiconductor production. After attending the Center’s premier semiconductor conference, Foxconn Chairman Liu travelled to India to meet with representatives from many states. Additionally, Foxconn has committed $194 million to a new factory in Tamil Nadu that would manufacture electronic components and support 6,000 employees.