Apple assembler Foxconn has acquired a 300-acre plot of land in the Bengaluru rural district of Karnataka for approximately ₹300 crore, according to filings with the London Stock Exchange (LSE).

What Happened? Per the filing, Foxconn aka Hon Hai Technology India Mega Development, a subsidiary of the company, completed the purchase on May 9.

The land is in Devanahalli, near Kempegowda International Airport on the outskirts of Bengaluru. This move comes as the Taiwanese electronics manufacturer seeks to diversify production away from China. Foxconn is the largest supplier of Apple iPhone components.

On March 20, the Karnataka government signed a mega Memorandum of Understanding (MoU) with Foxconn, committing to a ₹8,000 crore investment in a mobile manufacturing unit that would create employment for 50,000 people in the state.

Foxconn previously expressed interest in establishing an electronics manufacturing unit as part of its ‘Project Elephant’ in Bengaluru in a letter to Chief Minister Basavaraj Bommai on March 6. A team of senior executives from Foxconn, led by Liu and 16 other senior leaders, visited the city on March 3.

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The company identified up to 300 acres of land for the manufacturing facility at the Information Technology Investment Region (ITIR) industrial area in Doddaballapur, Devanahalli Taluk, near the Bengaluru International Airport on March 3. The electronics manufacturing unit expects to generate more than 100,000 employment opportunities within the state over the next 10 years.

Union Minister of State for Entrepreneurship, Electronics & Technology, Rajeev Chandrasekhar, also tweeted that Apple phones would be built in a new 300-acre factory in Karnataka.

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