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Foxconn to invest an additional Rs 13,911 crore in Karnataka

Karnataka’s State High-Level Clearance Committee (SHLCC), led by Chief Minister Siddaramaiah on December 12 granted approval to Foxconn to invest an additional Rs 13,911 crore.

Karnataka’s minister for large and medium industries and infrastructure development MB Patil said that the company had earlier been granted approval for a Rs 8,000 crore investment in the state. “SHLCC approved Foxconn’s proposal to invest an additional ₹13,911 crore” , he said.

Officials said the additional investment is earmarked for a manufacturing facility within the Information Technology Investment Region (ITIR) industrial area at Doddaballapur in Devanahalli Taluk. In May 2023, Hon Hai Precision Industry (Foxconn) acquired the land for Rs 300 crore ($37 million).

Patil said the 62nd SHLCC has approved 14 projects with a combined value of Rs 34,115 crore, which are expected to generate 13,308 jobs throughout the state.

“Of the 14 proposals approved by SHLCC, 10 are new projects amounting to Rs 19,452 crore, while the remaining four represent additional investment projects totalling Rs 14,662 crore,” said Patil during a media briefing after the 62nd SHLCC meeting at Suvarna Vidhana Soudha in Belagavi.

Other major projects receiving government approval include JSW Renew Energy Four Limited (Rs 4,960 crore investment), JSW Steel Limited (Rs 3,804 crore), Toyota Kirloskar Motor Private Limited (Rs 3,237.3 crore), TRIL Bengaluru Real Estate Six Limited (Rs 3,273 crore) and Janki Corp Limited (additional investment of Rs 607 crore), Patil said.

Among the approved projects, which will contribute major employment and industrial growth in North Karnataka are JSW Renew Energy Four Limited, Janki Corp Limited, JSW Steel Limited and Orient Cement Limited. These four projects are expected to result in a cumulative investment of Rs 9,461 crore and the creation of 3,538 jobs in North Karnataka, the minister added. Moneycontrol

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