Soon, Mini iPhone City is going to be built in Bengaluru, a city called 'Silicon Valley' in the country. For this, Foxconn has completed the land deal with the state government. As soon as the work of this factory is completed, more than 50 thousand people will get employment. Giving information in the London Stock Exchange, Foxconn Hone High Technology India said that it has bought 300 acres of land in the rural area of Bengaluru, for which the company has spent Rs 300 crore. The transaction has been done by parent company Hon Hai Precision on behalf of Foxconn. The iPhone maker has bought land in the Information Technology Investment Sector in Devanahalli taluk of Bangalore Rural District.
Country's first global company
According to the information, the company is looking to diversify its manufacturing base away from its biggest market, China. Due to the benefits of the production-linked incentive scheme, iPhone makers like Foxconn are seeing India as a suitable place to make iPhones. Based on investments and sales, Foxconn in December became the first global company to be approved for production-linked incentives of Rs 357.17 crore for mobile manufacturing undertaken in FY2022. In fact, the company has also submitted an incentive claim for FY2023.
Apart from Karnataka also in Telangana
In March, the Karnataka government said Foxconn would invest Rs 8,000 crore to set up a mobile manufacturing unit in the state that would provide employment to 50,000 people. This announcement was made after meeting Foxconn President Young Liu and CM Basavaraj Bommai.
The company also entered into an agreement with the Government of Telangana to set up an electronics manufacturing facility. While the investment amount was not disclosed, the facility is expected to provide employment to 100,000 people. According to reports, the company is likely to invest around $200 million for its manufacturing facility in Telangana and may use this facility to manufacture iPods.
Apple's steady growth in India
Apple is also considering doubling and tripling its growth and investment in India. Apple reports a four-fold increase in iPhone exports in FY2023, which is more than Rs 40,000 crore. One of the company's units in Chennai, operated by Vietnam's Foxconn Hoan Hai, employs 35,000 people at a single location in any sector. As per industry estimates, half of the total ₹90,000 crore smartphone exports in India by FY2023 were to be contributed by Apple. Apple's sales from India increased by almost 45 per cent to $6 billion in FY23.
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