Made in India: iPhone maker Foxconn buys Rs 303 crore land in Bengaluru

Foxconn, the Taiwanese electronics major, has bought a huge tract of land on the outskirts of Bengaluru. Major Apple supplier Foxconn has said in its filing that it is focusing its production outside China. For your information, let us tell you that Foxconn is the world’s largest contract electronics manufacturer and it is also a major assembler of Apple iPhones.

At present, Apple and Foxconn are trying to get out of China. India is the biggest market for electronics companies after China and it is slowly becoming a manufacturing hub as well. In a statement to the London Stock Exchange, the company said it has acquired 1.2 million square meters (13 million square feet) of land in Devanahalli, near the Bangalore airport.

An amount of 37 million dollars i.e. about 303 crore 73 lakh 63 thousand 300 rupees has been paid for this land. Foxconn is soon going to acquire 4,80,000 square meters of land in Vietnam as well.

In March this year, Karnataka Chief Minister Basavaraj S Bommai had said that Apple would build a new plant in the state that would create around 100,000 jobs. Bloomberg News also reported in March that Foxconn was planning to invest $700 million in a new factory in Karnataka.

Young Liu, chairman of Foxconn, recently visited Bengaluru. He had also met the Chief Minister of the state. He also met Prime Minister Narendra Modi. Foxconn has been manufacturing Apple handsets in India since 2019. Apart from Foxconn, Wistron and Pegatron also manufacture Apple devices in India.