Bengaluru, Karnataka: Karnataka Chief Minister Siddaramaiah met with Foxconn’s top executive, Young Liu, on Friday to discuss enhancing Foxconn’s investments in the state. The key focus was on expanding Foxconn’s initiatives and exploring new growth opportunities.
Foxconn’s “Project Elephant” A centerpiece of Foxconn’s commitment to Karnataka is the development of “Project Elephant,” a major mobile phone manufacturing facility. Located on a 300-acre plot in the ITIR Industrial Area on the outskirts of Bengaluru, the project represents an investment of Rs 22,000 crore. It is expected to generate over 40,000 jobs.
Key government officials, including the deputy chief minister and ministers responsible for Industries, Infrastructure Development, IT, and Biotechnology, were involved in the discussions. The project has gained momentum, with construction already underway. The state government is facilitating the process by expediting approvals and ensuring the supply of essential resources.
Investment Surge Foxconn’s commitment has grown significantly. Initially set at $1 billion, the investment has now increased to $2.7 billion. This substantial increase highlights Foxconn’s strong confidence in Karnataka’s potential as a leading global manufacturing hub.
Young Liu’s visit to Bengaluru marks a significant milestone in the project, coming after the Memorandum of Understanding signed last year. The collaboration between Foxconn and Karnataka is poised to drive economic growth and technological advancement in the state.
Read More: