Taiwanese contract manufacturer Foxconn has acquired 300 acres of land in Devanahalli, Bengaluru for Rs 300 crore through its subsidiary Foxconn Hon Hai Technology India Mega Development, according to a filing on the London Stock Exchange (LSE) on Tuesday.
The acquisition of the land is part of Foxconn’s plans to expand its manufacturing operations in India. The company already has facilities in Chennai and Sri City, Andhra Pradesh, and the acquisition of the land in Bengaluru will enable it to set up new manufacturing facilities or expand its existing ones.
Foxconn is one of the world’s largest contract manufacturers of electronic products and is a key supplier to companies such as Apple, Xiaomi, and Dell. The company has been operating in India for several years and has been actively looking to expand its operations in the country.
The acquisition of the land in Bengaluru is a significant step in this direction. The city is a major technology hub in India and is home to several global technology companies. The acquisition of the land in Devanahalli, which is located near the Bengaluru International Airport, will give Foxconn easy access to the city’s infrastructure and talent pool.
The acquisition of the land was made through Foxconn’s subsidiary, Foxconn Hon Hai Technology India Mega Development. The subsidiary was incorporated in India in 2015 and is focused on the development of industrial parks, manufacturing facilities, and other infrastructure projects.
The filing on the London Stock Exchange did not provide details on Foxconn’s plans for the land. However, industry experts believe that the company may use the land to set up a new manufacturing facility or expand its existing ones.
Foxconn has been expanding its operations in India over the past few years. In 2020, the company announced that it would invest $1 billion to expand its manufacturing operations in the country. The company also received approval from the Indian government to set up a new plant in Maharashtra to manufacture components for electric vehicles.
The company’s expansion plans in India are in line with the Indian government’s push to make the country a manufacturing hub for electronic products. The government has been offering various incentives and subsidies to attract global companies to set up their manufacturing facilities in India.
The acquisition of the land in Devanahalli is expected to give a boost to Foxconn’s plans to expand its operations in India. The company has been looking to increase its manufacturing capacity in the country to meet the growing demand for electronic products.
India is a key market for Foxconn, and the company has been increasing its investments in the country over the past few years. The company is looking to take advantage of the country’s large and growing middle-class population, which has been driving the demand for electronic products.
The acquisition of the land in Bengaluru is also expected to generate significant employment opportunities in the region. The development of new manufacturing facilities is expected to create thousands of jobs, both directly and indirectly.
The acquisition of the land in Devanahalli is also significant for India’s overall economic growth. The country has been trying to attract more foreign investment to boost its economic growth, and the acquisition of the land by a global company like Foxconn is a positive sign.
The Indian government has been taking several steps to attract foreign investment to the country, including offering various incentives and subsidies. The government has also been working to improve the ease of doing business in the country by simplifying the regulatory framework and reducing bureaucratic red tape.
The acquisition of the land in Devanahalli by Foxconn is a testament to the success of these efforts. It is expected to attract more global companies to invest in the country and create more employment opportunities for the people of India.
