Foxconn, an Apple partner and Taiwanese multinational electronics contract maker, purchased 1.2 million square metres (13 million square feet) of land in the Devanahalli district near Bengaluru airport on Monday. Foxconn subsidiary Hon Hai Technology India Mega Development paid $37 million for the site, according to AFP, citing the company’s LSE filing.
The new Bengaluru land purchase is part of Foxconn and Apple’s ambitions to diversify away from China. Apple is trying to increase its manufacturing base in India, which accounted for 7% of iPhone production last year. Both corporations are looking for a production site outside of China because to COVID-related restrictions and China’s poor relations with the US. Furthermore, Karnataka Chief Minister Basavaraj Bommai claimed in March that the world’s largest firm by market capitalization would soon manufacture iPhones at a new plant in the state, creating approximately 100,000 employment. In a statement, Foxconn Chairman Young Liu stated that his travel to Karnataka in the same month aimed to deepen partnerships and seek cooperation in new areas such as semiconductor development and electric vehicles.
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