India's southern state of Karnataka reportedly approved Foxconn's additional investment in a new facility as the manufacturing giant is expanding its Indian manufacturing capacities.
Bloomberg and the Economic Times, citing respective sources, reported that Foxconn had received approval to invest an additional US$1 billion on top of the US$1.6 billion it had set aside earlier for the facility near the Kempegowda International Airport in Karnataka. Besides iPhones, the facility could be used for EV business.
Foxconn's greenfield investment in Karnataka is anticipated to commence operations by April 2024. Alongside constructing assembly lines, Foxconn is also in the process of establishing dormitories for its workforce. As per The Economic Times, Foxconn has requested a daily supply of five million liters of water for the facility, with the Karnataka government providing assurances of meeting this requirement.
Foxconn secured land near Bengaluru's airport in May for INR3 billion. Over the next three years, Foxconn plans to invest INR30 billion, INR40 billion, and INR10 billion, aiming to manufacture 100,000 iPhones by December 2025, five million units by December 2026, and ten million units by December 2027, eventually reaching an annual capacity of 20 million units by December 2028.
