Foxconn chief to meet Karnataka CM Siddaramaiah on August 16, India manufacturing unit in focus: Report

Young Liu, Chairman and Chief Executive Officer of Hon Hai Technology Group, also known as Foxconn, is set to visit Karnataka on Friday, August 16, Moneycontrol reported quoting sources.

The world's largest contract electronic manufacturer's chief is likely to visit Bengaluru to meet Chief Minister Siddaramaiah and MB Patil, Minister for Large and Medium Industries, as per the report.

"Liu will hold discussions with the CM and Industries Minister. He will also visit Foxconn's under-construction manufacturing plant near Kempegowda International Airport in Bengaluru, where work is progressing. It’s unclear if any new investments will be announced, but if there are, it will be a bonus for us," one of the sources told the news website.

Due to the protests from the farmers and landowners in Devanahalli, the land acquisition is delayed. The Karnataka state government later decided the compensation amount for the 300-acre land allotted to the technology company in the Kundana village, as per the report.

According to Prime Minister Narendra Modi's post on the social media platform X on Wednesday, Liu met the PM in Delhi to discuss India's opportunities in futuristic sectors and the company's investments in the three southern states of Karnataka, Tamil Nadu and Andhra Pradesh.

Foxconn acquired the Devanahilli land in Bengaluru for ₹300 crore ($37 million) to set up a manufacturing plant within the Information Technology Investment Region (ITIR) industrial area. The company is investing ₹8,500 crore in the manufacturing plant, which is estimated to generate one lakh jobs in the state in the upcoming decade, according to the report.

The production at the plant was estimated to start in April 2024, but it was delayed.

On March 20, the Karnataka state government signed a memorandum of understanding (MoU) with the electronic maker, which committed ₹8,000 crore for a manufacturing plant that can provide 50,000 employment opportunities in the state, said the report.

Foxconn's target is to make one lakh iPhones by December 2025, 50 lakh by December 2026, one crore by December 2027, and two crore by December 2028, as per the report.

The company's subsidiary, Foxconn Industrial Internet (Fii), has shown interest in a ₹8,800 crore investment in the state which is estimated to create 14,000 job opportunities. The company's officials in July met Siddaramaiah and Patil to discuss a proposal for an additional plant in Devanahalli's ITIR region, according to the report.