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Foxconn, the world's largest contract electronics manufacturer and a principal assembler of Apple iPhones, has acquired a 1.2 million-square-meter site in Devanahalli, near the airport for Indian tech hub Bengaluru.
Several acres of land have been acquired by Taiwanese company Foxconn, the main assembler of Apple iPhones, has announced its acquisition of a vast tract of land in Devanahalli, near the airport for Indian tech hub Bengaluru. This move comes as Apple looks to diversify its production away from China. The acquisition of the 1.2 million-square-metre (13 million-square-foot) site was announced in a statement to the London Stock Exchange, with Foxconn Hon Hai Technology India Mega Development paying three billion rupees ($37 million) for the land.
Purchasing the company is part of Foxconn’s plan to increase its presence in India. The company has been investing heavily in the country in recent years, with reports suggesting it was planning to invest $700 million in a new factory in the state of Karnataka. Thousands of new jobs are expected to be created as a result of this investment, contributing to India’s growing tech and innovation eco-system.
Apple has also been making a significant push into India in recent years, as the country is becoming an increasingly important market for the tech giant. India accounted for 7% of Apple’s iPhone production in 2022, lagging behind the United States, China, Japan, and other countries. Last month, Apple CEO Tim Cook opened the company’s first two retail stores in India, signaling a significant commitment to the country’s growing tech sector.
This latest acquisition by Foxconn highlights the growing importance of India in the global electronics industry. With a growing tech workforce and a favorable business environment, India is becoming an increasingly attractive location for tech companies looking to expand their operations. As such, we expect to see more major players investing in India in the coming years, with the potential to create significant economic growth and job opportunities for the country.
Foxconn’s acquisition of a massive site in Bengaluru is a significant development in the electronics industry, as it highlights the growing importance of India as a critical location for tech investment. With Apple also ramping up its presence in the country, we can expect to see more significant players following suit in the coming years, driving further economic growth and job creation in India’s tech sector.