Karnataka Chief Minister Siddaramaiah engaged in a key discussion with Hon Hai Technology Group, or Foxconn's top executive, Young Liu, on Friday. The talks centered on bolstering iPhone maker Foxconn's investments in the state and identifying new avenues for growth, the media has reported. The meeting highlighted both ongoing and potential initiatives by Foxconn, which are likely to drive Karnataka's economic development, employment opportunities, and technological advancements.
Foxconn's "Project Elephant" In Karnataka
A cornerstone of Foxconn's commitment to Karnataka is the upcoming establishment of a big mobile phone manufacturing facility, dubbed "Project Elephant." The company has acquired a 300-acre plot in the ITIR Industrial Area, located in the outskirts of Bengaluru, in Karnataka. This venture, with a projected investment of Rs 22,000 crore, is expected to create employment for over 40,000 individuals, says a report by Economic Times (ET).
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Key figures from Karnataka's government were present, including the deputy chief minister and ministers overseeing crucial portfolios such as Industries, Infrastructure Development, Information Technology, and Biotechnology. Senior bureaucrats from relevant departments also participated in the discussions, the ET report added.
Meanwhile, in a significant boost to Karnataka's tech manufacturing sector, construction has commenced on Foxconn's ambitious "Project Elephant" near Bengaluru. The project, set to become a major hub for iPhone production, is rapidly progressing with the support of the state government. The report added, citing sources within the Department of Commerce and Industries, that a coordinated effort is underway to expedite necessary approvals and ensure uninterrupted supply of crucial resources like electricity and water to the sprawling 300-acre site.
The visit of Young Liu, Foxconn's top executive, to Bengaluru this week marks a milestone in the project's journey. It's Liu's first trip to the city since the signing of a landmark Memorandum of Understanding between the tech giant and Karnataka last year.
Sources also note that the project has seen a significant scaling up of investment. Initially pegged at $1 billion when cleared by the government in March 2023, Foxconn has since increased its commitment by an additional $1.7 billion, bringing the total investment to a staggering $2.7 billion. This massive infusion of capital underscores Foxconn's confidence in Karnataka's potential as a global manufacturing powerhouse.