Foxconn, the manufacturer of Apple iPhones, is planning to invest an extra $1.67 billion in Karnataka. The approval for this investment came from the Karnataka State High-Level Clearance Committee, chaired by Siddaramaiah, chief minister, Karnataka.
The firm plans to start making iPhones in Karnataka by April 2024, creating approximately 50,000 jobs.
The extra investment aims to establish a manufacturing facility in Devanahalli, where Foxconn has acquired 300 acres of land for this purpose.
In August 2023, Foxconn pledged an initial investment of $600 million in Karnataka for two projects, focusing on manufacturing iPhone casing components and chip-making tools. This marked the beginning of a series of planned investments by the company in the state.
Furthermore, in September 2023, the firm revealed through social- media posts that it was planning to double its current workforce in the country. With an existing 40,000-strong workforce in Tamil Nadu, the company aims to reduce dependence on China.
Over the next year, the firm intends to double its workforce in India and also increase its investments in the country twofold to support its business expansion. In 2022, reports indicated that Foxconn aimed to hire an additional 53,000 workers within two years, aiming for a total team strength of around 70,000 in India.
The firm is making big moves to expand its presence in the country, focusing on hiring and developing its workforce. Since entering the Indian market in 2005, the company has not only increased its revenue but also made substantial investments and grown its workforce.
