Karnataka Approves $968 Million Investment From Foxconn: Report

The southern Indian state of Karnataka has approved a $968 million investment in the state by a unit of Taiwan’s Foxconn, according to a Reuters report. The government on Monday said in a statement that this investment will lead to the creation of 50,000 jobs.

Foxconn, the world’s largest contract electronics manufacturer, has been in discussions with Indian states, but has not announced any investment plans so far in Karnataka, as per the report.

Furthermore, the Apple supplier had reportedly won an order to make AirPods and planned to build a facility in India to manufacture the wireless earphones, two people with direct knowledge of the matter told Reuters last week. Apple has been shifting production away from China after the country’s strict Covid-related restrictions disrupted the manufacturing of new iPhones and other devices in the country.

The tech giant is also looking to avoid a hit to its business due to tensions between Beijing and Washington, the report further noted.

As per the government of India reports, Karnataka has maintained a consistent and healthy growth rate at 7.5% and is recognized as the R&D Hub of India hosting 3500 companies including 400 MNCs. It also contributes 65% of aerospace exports in India.