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Hon Hi Precision Industries has bought 300 acres of land in Karnataka’s Bengaluru Rural district for Rs 300 crore. The company has given this information in the filing of the London Stock Exchange. The purchase was done on May 9 by its subsidiary Foxconn Hon High Technology India Mega Development. Let us tell you that Foxconn is the largest supplier of parts used in Apple iPhone.
where is this land bought
The company has bought the land at Devanahalli, near the Kempegowda International Airport, on the outskirts of Bangalore. With this step, the company wants to accelerate its production away from the influence of China. Gunjan Krishna, Industrial Development Commissioner, Industries and Commerce Department, Government of Karnataka told Moneycontrol that the company will take possession of the land after May 10. On 20 March, the Karnataka government signed a mega MoU with Foxconn to invest Rs 8,000 crore for a mobile manufacturing unit. This will provide employment to 50,000 people in Karnataka.
Foxconn wrote a letter to CM Bommai
In a letter to Bommai dated 6 May, Foxconn expressed its desire to set up an electronics manufacturing unit in Bengaluru as part of its ‘Project Elephant’. A team of senior Foxconn executives led by Liu and 16 senior executives of the company were in Bengaluru on 3 March. On 3 March, 300 acres of land was identified for a manufacturing facility for Foxconn at the Information Technology Investment Region (ITIR) Industrial Area in Doddaballapur in Devanahalli taluk near the Bengaluru International Airport. The electronics manufacturing unit was estimated to generate over 1 lakh job opportunities in the next 10 years within the state. A day later, on 4 March, the company said it had not entered into any binding, definitive agreements for new investment during the voyage. Union Minister of State for Entrepreneurship, Electronics and Technology Rajeev Chandrasekhar had also tweeted that Apple phones will be made at a new 300-acre factory in Karnataka.
Foxconn to hold an event in India on May 15
Earlier this month, Telangana Principal Secretary for IT and Industries Jayesh Ranjan told Moneycontrol that Foxconn would hold a “ground-breaking” event in the state on May 15. It is expected to generate around 1 lakh jobs in the state. Reportedly, this will be the company’s largest single outlet in India.
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