On Twitter, MB Patil, the commerce minister of Karnataka state, said Foxconn and Applied Materials – an American chip company – have committed to invest more than $360 million in a phone casing component factory, and about $240 million in a semiconductor manufacturing project.
The phone project will create 12,000 jobs, according to Mr. Patil, while the semiconductor plant will provide employment opportunities for 1,000 people.
Foxconn is one of the world’s largest contract electronics manufacturers. The company is best known for assembling iPhones, but it is looking to diversify its product portfolio and manufacturing locations. Foxconn operates primarily in China, home to the world’s largest iPhone factory. India is part of the manufacturer’s expansion plans.
Meanwhile, the company is stepping up efforts to become an electric car maker, moving away from its reliance on consumer electronics. In addition, its partner Apple has also entered the semiconductor industry, but has not had much success.
Under Prime Minister Narendra Modi, India wants to transform itself into a high-tech hub, especially in semiconductors. Last week, Modi attended a domestic semiconductor event that included Foxconn Chairman Young Liu and several executives from major US chipmakers such as Applied Materials and AMD.
(According to CNBC)
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