Foxconn eyes $500 million mobile accessories unit in Bengaluru

economictimes.indiatimes.com:

Foxconn may invest up to $500 million to set up a new unit near the Kempe Gowda international airport in Bengaluru to make smartphone accessories, multiple sources aware of the development told ET. The investment is likely to be done by Foxconn Industrial Internet (FII), a subsidiary of Foxconn. Earlier in the day, Foxconn Industrial Internet (FII), a subsidiary of Foxconn signed a memorandum of understanding with Guidance Tamil Nadu to establish a new manufacturing facility in Kancheepuram district for electronics components.

FII has proposed to invest $194 million (Rs 1,600 crore) in the new unit and hopes to create 6,000 new jobs through the new factory, the company said. Young Liu, the chief executive officer and chairman of Hon Hai Technology Group is currently in India. These discussions are a part of the company's ambitious expansion in India in areas which span semiconductors to electric vehicles.

Hon Hai Technology operates under the Foxconn brand name in countries other than Taiwan. Later in the day, after the signing of the MoU with Tamil Nadu a high-level team of officials from Karnataka, consisting of industries minister MB Patil and information technology minister Priyank Kharge met Liu and FII CEO Brand Cheng in Chennai and held detailed talks, a source said. Top Karnataka officials, when contacted, declined to share information about the talks, and refused to share the details of investment either.