Foxconn, the largest contract electronics manufacturer of iPhone in the world, has purchased land on the outskirts of Bengaluru. This is part of Hon Hai Precision Industry’s efforts to diversify away from China following disruptions by stringent COVID-19 restrictions.
In a filing with the London Stock Exchange, Foxconn stated it had acquired a 13 Million square foot land for $37 Million in Devanahalli, near the Bengaluru airport. Karnataka Chief Minister Basavaraj S. Bommai had said in March that Apple would begin manufacturing iPhones at a new plant in the state, creating about 100,000 jobs. Young Liu, Foxconn chairman, also visited the state to deepen partnerships and seek cooperation in new areas like semiconductor development and electric vehicles. He had also met with Prime Minister Narendra Modi.
Moreover, Apple CEO Tim Cook made the company’s push into India last month with the opening of its first two retail stores. In September 2022, Apple announced it would produce the newest iPhone 14 in India. It should be noted that Foxconn has manufactured Apple handsets in India since 2019 at its plant in Tamil Nadu – Wistron and Pegatron, two other Taiwanese suppliers, also manufacture and assemble Apple devices in India.
Apple’s foray into India is a boost to PM Modi’s “Make in India” strategy.