Foxconn Buys 300-Acre Site In India, To Diversify Production Away From China

Taiwanese tech giant Foxconn has bought a giant tract of land on the outskirts of Indian tech hub Bengaluru, the key Apple supplier said in a filing Tuesday as it looks to diversify production away from China, reported AFP.

The 1.2 million-square-metre (13 million-square-foot) acquisition was announced in a statement to the London Stock Exchange, added the AFP report.

Meanwhile, Foxconn is expected to hold a ground-breaking ceremony in Kongara Kalan on May 15, according to reports. Reports state that Foxconn's investment is likely to generate nearly one lakh jobs. It is also expected to be Foxconn's biggest single outlay in India.

It is worth noting that Telangana State Industrial Infrastructure Corporation (TSIIC) allotted 186.7 acres of land in Telangan's Kongara Kalan, which falls under Ibrahimpatnam mandal, subject to separate approvals from the Indian authorities for a proposed Rs 196 crore, according to The New Indian Express report.

According to Foxconn Interconnect Technology Limited, the land has been proposed for the purpose of constructing, among others, factories, research and development centres and dormitories. The consideration for the Proposed Land Acquisition will be determined through negotiations between the parties with reference to market conditions, added The New Indian Express report.