Foxconn finally firms up to invest Rs. 8,000 cr. at Doddaballapura
The Hindu
To make one lakh units of iPhones in its new facility by December 2025 and to make 20 crore units of phones by December 2029
Taiwanese firm Foxconn, after initial hesitation, seems to have officially committed to investing ₹8,000 crore to set up an iPhone manufacturing facility in 300 acres of KIADB land at Devanahalli General Industrial Area (ITIR) in at Doddaballapura in the outskirts of the city.
Foxconn’s proposed investment was the key agenda for the 61st meeting of the State High-Level Clearance Committee held by the Department of Industries and Commerce here on Monday.
Foxconn Hon Hai Technology India Mega Development Pvt. Ltd. will establish a mobile phone plant on 300 acres of land at Doddaballapura with an investment of ₹8,000 crore in three phases, as per a Government of Karnataka document released by T he Hindu.
The source of funding would be ‘capital or other form of fund from parent company’, which would cover ₹6,000 crore while the rest would be a term loan, it said.
According to the document, phase 1 (2023-24) will see an investment of ₹3,000 crore; phase 2 (2025-26) ₹4,000 crore, and phase 3 (2026-27) will involve an investment of ₹1,000 crore.
By December 2025, Foxconn will have manufactured one lakh units of iPhones in its new facility in Karnataka while the production numbers are expected to reach 50 lakh units by December 2026, 10 lakh units by December 2027, 2 crore units by December 2028, and 20 crore units of phones by December 2029, as per the document.