Foxconn signs letter on intent with government of Karnataka for Rs 4959 crore investment

The government of Karnataka announced the finalisation of a Rs 4959 crore deal with Foxconn for 2 of its prized projects. Minister for IT and BT, Rural Development and Panchayat Raj Priyank Kharge had a meeting with Young Liu, chairman of Foxconn,  a Taiwanese multinational electronics contract manufacturer that makes i-Phones and is a dominant player in the markets in south Asia. It is estimated that the projects would provide employment prospects for 13,000 people. The meeting took place in Chennai.  Large and Medium Industries and Infrastructure Development Minister M B Patil was also present in the meeting. 

One of the projects is for phone enclosure for which the investment is estimated to be Rs 2895 crore. This project is estimated to provide employment to 12,000 people. Another project is in a tie up with applied materials. This project is estimated to cost Rs 2068 crore. 1000 jobs would be created as part of this project. 

"We are excited about the possibilities that Karnataka offers for our expansion plans in India. The state's conducive business environment, coupled with its skilled workforce, makes it an attractive destination for our high-tech ventures. We look forward to building our success story with the state," Young Liu, was quoted as saying by The Outlook.