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₹8,000 Crore Foxconn in Karnataka’s list of 18 Approved

Basavraj Bommai, Chief Minister of Karnataka state, chaired the state high-level clearance committee, approving 18 projects. The tally comprises of three additional projects, five expansion-oriented and remaining ten new ones. Approximately 77,606 people expected to be absorbed through the massive employment opportunities generated from the proposed investments for these projects.

The large-scale contract manufacturer of tech giant Apple, Foxconn project with a proposed investment of ₹8,000 crores is among the 18 projects approved by the Karnataka government. All the 18 projects collectively sum up to a total investment of over ₹75,000 crores. The investment of Foxconn Hon Hai Technology India Mega Development Private Limited (FHH) ₹8,000 crores in the project will generate employment opportunities for around 50,000 people. Young Liu Chairman and CEO of Foxconn visited the state couple of weeks back, with a delegation in a meeting with the Karnataka CM Basavraj Bommai.

Basavraj overwhelmingly said “We are happy that the state has received such a huge investment. The proposals for green hydrogen, ethanol production, wind energy power plant, electrical and electronic items assembling, lithium batteries and electric vehicles, and cement and steel companies in the state have been approved in the meeting. Karnataka’s contribution to the manufacturing sector will be remarkable in the country.”

Murugesh R Nirani, the Large Industries Minister expressed happiness on the huge volume of investments received, mentioning that it is a testimony to the Karnataka state government’s industry-friendly policies and a conducive and progressive ecosystem provided.