Karnataka govt approves Foxconn’s additional investment proposals worth Rs 13,911 crore

BELAGAVI: A high-level committee, that met in Belagavi, approved the establishment of 14 enterprises with a total capital investment of Rs 34,115 crore, which includes Foxconn’s proposal to invest an additional amount of Rs 13,911 crore in the state, said Chief Minister Siddaramaiah. These capital investments are expected to employ over 13,300 people across the state, the CM said in a post on X.

Electronics manufacturing major Foxconn had earlier received approval to invest Rs 8,000 crore in the state. Foxconn is the world’s largest electronics manufacturer, with total revenue exceeding New Taiwan dollar 6 trillion in 2022.

ಬೆಳಗಾವಿಯ ಸುವರ್ಣಸೌಧದಲ್ಲಿ ನಡೆದ ರಾಜ್ಯ ಉನ್ನತ ಮಟ್ಟದ ಒಪ್ಪಿಗೆ ನೀಡುವ ಸಮಿತಿಯ ಸಭೆಯಲ್ಲಿ ಒಟ್ಟು ₹34,115 ಕೋಟಿ ಮೊತ್ತದ ಬಂಡವಾಳ ಹೂಡಿಕೆಯ 14 ಉದ್ಯಮಗಳ ಸ್ಥಾಪನೆಗೆ ಅನುಮೋದನೆ ನೀಡಲಾಗಿದೆ. ಇದರಿಂದ 13,308 ಜನರಿಗೆ ಉದ್ಯೋಗ ದೊರೆಯುವ ನಿರೀಕ್ಷೆ ಇದೆ. ಹೆಚ್ಚುವರಿ ರೂ.13,911 ಕೋಟಿ ಮೊತ್ತದ ಬಂಡವಾಳ ಹೂಡಿಕೆ ಮಾಡುವ ಫಾಕ್ಸ್‌ಕಾನ್‌ನ… pic.twitter.com/sql9YvlCkv

— Siddaramaiah (@siddaramaiah) December 13, 2023

Taiwanese electronics major Foxconn earlier this year said it aimed to double its workforce and investment in India by next year. Foxconn has rapidly expanded its presence in India by investing as part of its supply chain diversification from China in an evolved post-pandemic world order.

A company representative who is based in India, while wishing Prime Minister Narendra Mod on his birthday this year through a LinkedIn post, said, “Under your leadership, Foxconn has grown smoothly and rapidly in India. We will work even harder to present you with a greater birthday gift next year, aiming for another doubling of employment, FDI, and business size in India”.

Besides Foxconn, JSW Renew Energy (Rs 4,960 crore), JSW Steel Ltd (Rs 3,804 crore), Toyota Kirloskar Motor (Rs 3,237.30 crore), TRIL Bangalore Real Estate Six (Rs 3,273 crore investment), Janaki Corp Ltd (Rs 607 crore) additional investment proposals are among the largest capital investment projects approved by the high-level approval committee.

Of the approved capital investments, four are specifically for the districts in the north of Karnataka comprising Rs 9,461 crore. “These will provide employment opportunities to 3,538 people in the region. Such concerted efforts by the government to attract investment in the districts of North Karnataka are part of the ‘Beyond Bangalore’ initiative,” the CM said in his X post. (ANI)