Rs 8,000-crore Foxconn project receives Karnataka govt’s approval

Foxconn, the contract manufacturer for tech giant Apple, was among the 18 projects approved by the Karnataka government on Monday, with a proposed investment of Rs 8,000 crore. In total, the government approved investments of over Rs 75,000 crore for the 18 projects.

The State High-Level Clearance Committee, chaired by Chief Minister Basavaraj Bommai, has approved a total of 18 projects. Out of these, 10 are new projects, five involve expansions, and three are additional projects. The proposed investments for these projects are expected to generate employment opportunities for approximately 77,606 people.

According to an official statement, investment initiatives totaling Rs. 75,393.57 crore are anticipated to propel industrial growth and create numerous direct and indirect job prospects in Karnataka.

Foxconn Hon Hai Technology India Mega Development Private Limited (FHH) would invest Rs 8,000 crore with employment opportunities for 50,000 people, it said.

A delegation led by Foxconn CEO and Chairman Young Liu had visited the state and held a meeting with Chief Minister Bommai a fortnight ago in Bengaluru.

“We are happy that the state has received such a huge investment. The proposals for green hydrogen, ethanol production, wind energy power plant, electrical and electronic items assembling, lithium batteries and electric vehicles, and cement and steel companies in the state have been approved in the meeting. Karnataka’s contribution to the manufacturing sector will be remarkable in the country,” Bommai said.

Expressing happiness over the volume of investment proposals received, Large Industries Minister Murugesh R Nirani said it is a testimony to the industry-friendly policies and the conducive ecosystem provided by the state government.

Stating that Karnataka is at the forefront of the renewable energy, ethanol production, and manufacturing sector, he said: “To encourage green hydrogen production, ethanol production, aerospace, and renewable energy, ESDM (Electronics System Design and Manufacturing), we have approved proposals from Amplus Active Private Limited, Ayana Renewable Power Six Private Limited, Vishwaraj Sugar Industries Limited, TATA Advanced Systems Limited.”

“Karnataka is the third largest sugarcane-growing state in the country and also is the highest producer of ethanol. We are glad that the green energy sector investment proposals have been approved in this meeting,” he added. PTI