Karnataka approves Foxconn's additional investment proposal worth Rs 13,911 crore

A high-level committee that met in Belgaum approved the establishment of 14 enterprises with a total capital investment of Rs 34,115 crores, which includes Foxconn's proposal to invest an additional amount of Rs 13,911 crore in Karnataka, said Chief Minister Siddaramaiah.

These capital investments are expected to employ over 13,300 people across the state, said the chief minister in a post on X.

Electronics manufacturing major Foxconn had earlier received approval to invest Rs 8,000 crore in the state. Foxconn is the world's largest electronics manufacturer, with total revenue exceeding New Taiwan dollar 6 trillion in 2022.

Taiwanese electronics major Foxconn earlier this year said it aimed to double its workforce and investment in India by next year.

Foxconn has rapidly expanded its presence in India by investing as part of its supply chain diversification from China in an evolved post-pandemic world order.

A company representative who is based in India, while wishing Prime Minister Narendra Mod on his birthday this year through a LinkedIn post, said, "Under your leadership, Foxconn has grown smoothly and rapidly in India. We will work even harder to present you with a greater birthday gift next year, aiming for another doubling of employment, FDI, and business size in India."

Besides Foxconn, JSW Renew Energy (Rs 4,960 crore), JSW Steel Ltd (Rs 3,804 crore), Toyota Kirloskar Motor (Rs 3,237.30 crore), TRIL Bangalore Real Estate Six (Rs 3,273 crore investment), Janaki Corp Ltd (Rs 607 crore) crores additional investment) proposals are among the largest capital investment projects approved by Karnataka's high-level approval committee.

Of the approved capital investments, four are specifically for the districts in the north of Karnataka comprising Rs 9,461 crore.

"These will provide employment opportunities to 3,538 people in the region. Such concerted efforts by the government to attract investment in the districts of North Karnataka are part of the 'Beyond Bangalore' initiative," said the chief minister in his X post.