In an effort to diversify production away from China, Taiwanese electronics giant Foxconn announced in a filing with the London Stock Exchange on Tuesday that it had purchased 300 acres of land close to the Bengaluru airport.
The enormous plot of land in Devanahalli, on the outskirts of Bengaluru, is being purchased for Rs 300 crore ($37 million) by its subsidiary, Foxconn Hon Hai Technology India Mega Development.
Foxconn is the largest manufacturer of contract electronics in the world and a key supplier of Apple iPhone components. It’s expected that the plant in Bengaluru will produce Apple products along with other electronics.
According to a Moneycontrol article, Hon Hai Precision Industry disclosed in filings with the London Stock Exchange (LSE) that on May 9, its company Foxconn Hon Hai Technology India Mega Development bought the property in the Bengaluru rural area of Karnataka for about Rs 300 crore ($37 million).
The land is located in Devanahalli, situated near the Kempegowda International Airport on the outskirts of Bengaluru.
In a letter to Chief Minister Bommai dated March 6, Foxconn stated its interest in establishing the electronics manufacturing facility as part of its “Project Elephant” in Bengaluru.
Tim Cook, the CEO of Apple, visited the nation’s first two retail locations in Mumbai and Delhi last month as part of the company’s own drive into India.
