Foxconn Acquires 300 Acres of Land in Bengaluru

Taiwanese electronics firm Foxconn, the largest contract electronics producer in the world and a major Apple iPhone assembler, revealed in a filing on Tuesday, May 9, that it has purchased a sizable parcel of land on the outskirts of Bengaluru.

Diversifying Production

Foxconn, also known by its legal name, Hon Hai Precision Industry, is the largest contract electronics manufacturer in the world and a key supplier of Apple iPhone components.

Both businesses are looking to expand outside of China, where most of their manufacturing is situated after recent strict COVID restrictions and ongoing political disagreements with the United States hampered production. So, for this purpose, there is no better place to start than India’s tech hub, Bengaluru.

Further Expansion Plans

A statement to the London Stock Exchange revealed the 1.2 million square meter (13 million square foot) acquisition at Devanahalli, close to the Bengaluru airport.

For the site, Foxconn Hon Hai Technology India Mega Development has paid 300 crores ($37 million).

It was further revealed that another Foxconn division was purchasing land usage rights to a 480,000-square-meter property in the Nghe An region of Vietnam.

As per The Economic Times, at its facility in Tamil Nadu, Foxconn has been producing Apple mobile devices in India since 2019. This month, Tim Cook, the CEO of Apple, unveiled the company’s first two retail locations in the most populated nation in the world. 

Apple has been making a push into India. The California-based company is banking big on the country of 1.4 billion people, which has the world’s second-highest number of smartphone users behind China.

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