Foxconn to invest nearly 1 billion USD in Bengaluru

Current Context: Foxconn will set up an electronics manufacturing and assembly unit on the outskirts of Bengaluru, where it is expected to invest up to $1 billion and make iPhones for Apple. The investment will be spread from 2023 to 2027, during which time the project is expected to be completed. The new plant will create about 10,000 jobs and boost local production.

Foxconn is a major manufacturer for Apple's iPhone, but also makes products for other brands like Xiaomi, Nokia and Motorola.
Foxconn has been operating in India since 2015 and has four plants in Tamil Nadu and Andhra Pradesh.
Foxconn aims to manufacture mechanical and precision machinery, electric vehicles, ICs (integrated chips) design and semiconductor segments in India. It has also formed a joint venture with Vedanta to enter the semiconductor business.
Foxconn's chairman Liu Young-way visited India in March 2023 to deepen ties and explore opportunities with Indian officials and business leaders.