'Legal hurdles resolved, 300-acre of land will be given to Foxconn soon': Karnataka Minister MB Patil

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Karnataka’s Large and Medium Industry Minister MB Patil said on Friday that the legal hurdles to establishing iPhone makers’ Foxconn factory in the state have been cleared and announced the allocation of 300 acres of land to the company.

“A total of 300 acres will be given to the company in the ITIR spread over Devanahalli and Doddaballapura taluks. The company would invest around Rs 8,500 crore to set up a manufacturing plant. The company can commence construction work immediately after the handing over of the land,” Patil said.

“The company has planned to start production at the plant by next April. The government is facilitating the commissioning of the project which would provide 50,000 jobs,” he added.

Earlier this week, Foxconn terminated its joint venture with India’s Vedanta Group for chip production. Sources revealed that Foxconn has been in talks with TSMC and TMH for quite some time now. It is expected that the details of the partnership, encompassing the manufacturing of advanced and legacy node chips, will be finalized soon.

Recently, it was reported that Foxconn plans to establish four to five semiconductor fabrication lines in India. The company has already informed the government about its intentions. In December 2021, the Indian government introduced a $10 billion semiconductor incentive program, offering a 50 per cent subsidy on capital expenditure to companies establishing chip manufacturing units in the country.



from Firstpost India Latest News https://ift.tt/bpyxiVO
FP Staff

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