Apple maker Foxconn purchases land in Bengaluru worth $37mn, to increase manufacturing presence in India
Foxconn logo
Foxconn, a major Apple supplier, announced in a filing on Tuesday that it has purchased a large plot of land on the outskirts of Bengaluru, the Indian IT hub, as part of its efforts to diversify away from China as its primary place of production.
Foxconn, also known by itsofficialname Hon Hai Precision Industry, is the largest contract electronics manufacturer in the world and a key supplier of Apple iPhone parts.
Both companies are looking to expand outside of China, where the majority of their manufacturing is situated, after production was hampered by tough Covid restrictions and ongoing diplomatic challenges with the United States, as reported by the Hindustan Times.
Bid to expand outside of China
In a statement to the London Stock Exchange, the company said that it had acquired a 1.2 million square metre (13 million square foot) land in Devanahalli, close to the Bengaluru airport, the country's innovation hub.
The site was purchased for $37 million by its subsidiary Foxconn Hon Hai Technology India Mega Development.
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In Vietnam's Nghe An province, another Foxconn facility was acquiring land use rights to a 480,000 square metre property, it was noted.
In March, Basavaraj S. Bommai, the chief minister of Karnataka, stated that Apple would "soon" begin manufacturingiPhones at a new plant in the state, creating "about 100,000 jobs".
Citing anonymous sources, Bloomberg News said that Foxconn intended to invest $700 million in a new factory in Karnataka that same month.
Foxconn chairman Young Liu visited the state then to "deepen partnerships... and seek cooperation in new areas such as semiconductor development and electric vehicles", he said in a statement.
He also met with Prime Minister Narendra Modi, according to whom their "discussions covered various topics aimed at enhancing India's tech and innovation eco-system"
At its facility in the southern state of Tamil Nadu, Foxconn has been manufacturing Apple smartphones in India since 2019.
Apple products are additionally manufactured and assembled in India by Wistron and Pegatron, two other Taiwanese suppliers.
Tim Cook, the CEO of Apple, last month unveiled the company's first two retail locations in the most populated nation in the world. Apple has been making its own push into India.
The California-based company is placing a significant stake in the 1.4 billion peoplecountry, which afterChina has the second-highest percentage of smartphone users worldwide.
The corporation with the largest market value in the world is likewise growing its industrial presence in India.
Apple announced in September of last year that it would produce the newest iPhone 14, just weeks after the flagship model was introduced, in India.
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