Foxconn, K’taka sign LoI for two projects worth Rs 5,000 crore
The projects would create employment opportunities for 13,000 people in the state, it said.
BENGALURU: The Karnataka government on Wednesday said it has signed a Letter of Intent (LoI) with Foxconn, a major iPhone assembler for tech giant Apple, to undertake two marquee projects in the state with an estimated investment worth Rs 5,000 crore.
The projects would create employment opportunities for 13,000 people in the state, it said. The signing ceremony took place between a high-level delegation of the Government of Karnataka and Foxconn in Chennai recently, where Large and Medium Industries and Infrastructure Development Minister M B Patil and Minister for IT and BT, Rural Development and Panchayat Raj Priyank Kharge along with senior officials met Foxconn Chairman Young Liu and other executives of the company.
The two projects are: phone enclosure project under which the Foxconn subsidiary plans to invest $350 million (Rs 3,000 crore) with employment opportunities for 12,000 people, and semicon equipment project in collaboration with Applied Materials with a projected investment of $250 million (Rs 2,000 crore) and employment generation for 1,000 people. The LoI outlined the framework for the two projects that Foxconn plans to establish in the state, a release said, adding the Karnataka government reaffirmed its commitment to providing a supportive environment for businesses to thrive.
