• Tuesday, May 21, 2024

Business

India’s poll-bound Karnataka approves £793m investment from Foxconn unit

Representational Image (Photo by STR/AFP via Getty Images)

By: Shubham Ghosh

Ahead of the upcoming local elections, the southern Indian state of Karnataka has approved an investment worth Rs 80 billion (£793.2 million) in the state by a unit of Taiwan-based electronics manufacturer Foxconn, Reuters reported.

The state’s Bharatiya Janata Party (BJP) government said in a statement on Monday (20) that the investment will see generation of 50,000 employment opportunities.

Foxconn, which is the world’s biggest contract electronics manufacturer, has been in talks with Indian states but stopped short of announcing investment plans in Karnataka so far, the Reuters report added.

Last week, two informed sources told Reuters that the Apple supplier had clinched an order to make AirPods and planned to set up a facility in India to manufacture wireless earphones.

Apple has been shifting its production away from India’s northern neighbour China after its strict Covid-19-related restrictions hampered manufacturing of new iPhones and other devices in the country. The tech giant is also reportedly trying to avert a business impact due to the ongoing tensions between the US and China.

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