Foxconn investment proposal cleared by Karnataka high-level committee
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
The Karnataka State High-Level Clearance Committee (SHLCC) has approved Foxconn's investment proposal to manufacture mobile devices at facilities expected to come up in Doddaballapur and Devanahalli, an official statement said on Tuesday.
The Large and Medium Industries Ministry statement said that Foxconn Hon Hai Technology India Mega Development Private Ltd (FHH) would invest Rs 8,000 crore with employment opportunities for 50,000 people.
A delegation led by Foxconn CEO and Chairman Young Liu visited the state and held a meeting with Chief Minister Basavaraj Bommai a fortnight ago in Bengaluru.
The matter of investment by Foxconn in the state had run into controversy following the opposition parties questioning the ruling BJP over an alleged publicity stunt with the announcement regarding establishment of iPhone assembling unit by Foxconn in Bengaluru.
In wake of this, Bommai had released the letter of appreciation written by Foxconn CEO, terming the visit of the Foxconn team to Bengaluru a great success.
The SHLCC meeting was held at Krishna on Monday under the chairmanship of Bommai and approved 18 projects with a total investment of Rs 75,393.57 crore including Foxconn.
The 18 comprise 10 new, 5 expansion, and 3 additional projects and are expected to further push industrial growth and generate direct and indirect employment opportunities in Karnataka.
At the meeting, Bommai said: "We are happy that the state has received such a huge investment. In this regard, 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."
