foxconn chairman young liu: Trip to India was to deepen ties, explore opportunities: Foxconn chairman

In his statement, Liu said Foxconn will continue to communicate with local governments to seek the most “beneficial development opportunities for the company and all stakeholders”.

Foxconn said negotiations and internal review are ongoing and that it hasn’t signed any definitive pacts during the trip.

This comes a day after the Karnataka government announced that the Hon Hai Technology Group (Foxconn), which is the biggest contract manufacturer in the world, plans to set up an electronics manufacturing and assembly unit on the outskirts of Bengaluru.

Sources said Foxconn is expected to invest $500 million to $1 billion in phases – from 2023 to 2027 – and make iPhones for Apple, as well as other products.

A 16-member Foxconn team led by chairman Liu met the chief minister, his Cabinet colleagues Murugesh Nirani and CN Ashwath Narayan, as well as top officials on Friday. The team also visited the airport and the factory site in the IT investment region.

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The plant, to come up on a 300-acre plot near the Bengaluru international airport, will generate 100,000 jobs over the next 10 years, the Karnataka government announced on Friday.The two sides did not give details on which products would be manufactured there but Union minister of state for electronics and IT Rajeev Chandrasekhar, however, indicated earlier in the day that iPhones would be one of those products.

“Apple phones to be built in a new 300-acre factory in Karnataka,” Chandrasekhar tweeted. “The double-engine governments of Prime Minister Narendra Modi and chief minister Basavaraj Bommai are working to get investments and add jobs.”

The Karnataka government and Foxconn did not reveal projected investment for the facility, but people briefed on the project put it between $500 million and $1 billion. The investment will be spread from 2023 to 2027, during which time the project is expected to be completed, they said.

In his statement, Liu said Foxconn will continue to communicate with local governments to seek the most “beneficial development opportunities for the company and all stakeholders”.

Foxconn said negotiations and internal review are ongoing and that it hasn’t signed any definitive pacts during the trip.

This comes a day after the Karnataka government announced that the Hon Hai Technology Group (Foxconn), which is the biggest contract manufacturer in the world, plans to set up an electronics manufacturing and assembly unit on the outskirts of Bengaluru.

Sources said Foxconn is expected to invest $500 million to $1 billion in phases – from 2023 to 2027 – and make iPhones for Apple, as well as other products.

A 16-member Foxconn team led by chairman Liu met the chief minister, his Cabinet colleagues Murugesh Nirani and CN Ashwath Narayan, as well as top officials on Friday. The team also visited the airport and the factory site in the IT investment region.

Discover the stories of your interest

The plant, to come up on a 300-acre plot near the Bengaluru international airport, will generate 100,000 jobs over the next 10 years, the Karnataka government announced on Friday.The two sides did not give details on which products would be manufactured there but Union minister of state for electronics and IT Rajeev Chandrasekhar, however, indicated earlier in the day that iPhones would be one of those products.

“Apple phones to be built in a new 300-acre factory in Karnataka,” Chandrasekhar tweeted. “The double-engine governments of Prime Minister Narendra Modi and chief minister Basavaraj Bommai are working to get investments and add jobs.”

The Karnataka government and Foxconn did not reveal projected investment for the facility, but people briefed on the project put it between $500 million and $1 billion. The investment will be spread from 2023 to 2027, during which time the project is expected to be completed, they said.