Apple supplier Foxconn has committed to invest ₹8,000 crore in setting up an iPhone manufacturing unit in an area close to Bengaluru airport in Karnataka.
What Happened? The Taiwanese manufacturer had a proposal cleared by a committee headed by Karnataka Chief Minister Basavaraj Bommai to set up a facility that is expected to create 50,000 new jobs.
Per a Government of Karnataka document accessed by Economic Times, the iPhone manufacturing facility will be set up on 300 acres of KIADB land at Devanahalli General Industrial Area (ITIR) in Doddaballapura on the outskirts of Bengaluru.
See also: Apple Gears To Sell Its Products Directly In Mumbai And Delhi As India’s Importance Rises
The document also reveals that Foxconn will source the funding from ‘capital or another form of fund from parent company', which would cover ₹6,000 crore while the rest would be a term loan.
The project is expected to be carried out in three phases with an investment quote of ₹3,000 crore earmarked for the first phase. Phase 2 is expected to see another ₹4,000 crore flow by 2025-26 while the last phase is set to get underway in 2026-27 with another ₹1,000 crore injection.
The world’s largest contract manufacturer has set a target of manufacturing one lakh iPhone units by 2025 in its new facility. Meanwhile, the company’s estimates for December 2029 are supposed to see that figure rise to a whopping 20 crore units.
See also: Apple And Foxconn Take Big Step Forward With New AirPods Production In India
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