Hon Hai Precision Industry has acquired a 300-acre land parcel in the Bengaluru rural district of Karnataka for approximately INR 300 crore ($37 million). The purchase was carried out on May 9, 2023, on behalf of its subsidiary, Foxconn Hon Hai Technology India Mega Development.
The land is located in Devanahalli near Kempegowda International Airport, on the outskirts of Bengaluru. This move is part of the Taiwanese electronics manufacturer’s strategy to diversify its production away from China. Foxconn is the biggest supplier of Apple iPhone parts.
Earlier, on March 20, the Karnataka government signed a significant Memorandum of Understanding (MoU) with Foxconn, wherein the company committed an investment of INR 8,000 crore for establishing a mobile manufacturing unit that would create employment opportunities for 50,000 people in the state.
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