Taiwanese Company Foxconn Acquires 300 acres in Devanahalli, Bangalore

Foxconn Acquires 300 acres in Devanahalli, Bangalore

Foxconn has acquired 300 acres in Devanahalli, North East Bengaluru for Rs 300 crore through its subsidiary Foxconn Hon Hai Technology India Mega Development, according to a recent filing with the London Stock Exchange (LSE).

Foxconn is a major manufacturer of Apple products. In addition to Apple products, it is anticipated that the Bengaluru facility will produce other electronic devices.

Apple has been progressively reducing its dependence on China and increasing its presence in India. In conjunction with other Foxconn investments in India, this Bengaluru facility has the potential to transform the global supply chain.

The total investment in the state will exceed $500 million, and may even surpass $1 billion over time, according to government sources in Karnataka. In the March letter of intent between the government of Karnataka and Foxconn, it was stated that the proposed investment would take place between 2023 and 2027 and that the project would employ approximately 1 lakh people directly and indirectly. In March, Foxconn chairman Young Liu travelled to Bengaluru to meet with state officials and inspect the proposed land.

The Karnataka Government had gone to great lengths to obtain the contract, even naming its Foxconn proposal Project Elephant.

Foxconn now has a presence in Gujarat, Karnataka, Telangana and Tamil Nadu. Foxconn's expansion in India is part of Apple's strategy to increase its manufacturing footprint in the country, according to Tarun Pathak, the director of research at Counterpoint. 

In the past decade, the Devanahalli real estate market has developed at a rapid pace, and it appears that this trend will continue.

Earlier this year, Foxconn and Vedanta entered into a joint venture to establish a semiconductor and display manufacturing facility in the Dholera Special Investment Region near Ahmedabad in Gujarat. Recently, Telangana's IT minister, KT Rama Rao, announced that Foxconn will establish a manufacturing facility for electronic components in the state.