India’s Karnataka govt approves $968 mln investment from Foxconn unit

Date:

Bengaluru (Reuters) – The southern Indian state of Karnataka has approved an 80 billion rupee ($967.91 million) investment in the state by a unit of Taiwan’s Foxconn (2317.TW). The investment will create almost 50,000 jobs, the government said in a statement on Monday.

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.

Foxconn did not immediately respond to Reuters’ request for confirmation on the investment.

The Apple (AAPL.O) supplier had 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.

Share post:

Popular

Recent
Related

For Kuwait’s new emir, Saudi ties are seen as key

Kuwait (Reuters) - Sheikh Meshal al-Ahmad al-Sabah was named...

Pope Francis deplores Israeli killings of civilians at Gaza church

Vatican City (Reuters) - Pope Francis on Sunday again...

Palestinians must find new path from Israeli rule after war, top official says

Ramallah (Reuters) - Immediately after Israel's war in Gaza...

Israel says it struck Hezbollah sites after attacks from Lebanon

Jerusalem/Beirut (Reuters) - Israel said on Sunday it had...