Taiwanese tech giant Foxconn is investing US$600 (S$804 million) in India in two new projects for manufacturing semiconductors and iPhone components.
Foxconn Industrial Internet, a Foxconn subsidiary, has signed a Letter of Intent (LoI) with India's state Karnataka to invest US$350 million for manufacturing sub-assembly components, specifically mechanical enclosures of iPhones.
It is also partnering with US-based manufacturing company, Applied Materials for a US$250 million semiconductor equipment manufacturing project.
Foxconn's Chairman, Young Liu, said in the statement that the state's conducive business environment, coupled with its skilled workforce, makes it an attractive destination for our high-tech ventures.
"We are excited about the possibilities that Karnataka offers for our expansion plans in India," Liu said in the statement.
The location for this project is likely to be finalised at Haraluru Muddenahalli - Hi-Tech Aerospace and Defence Park-Phase II in Bengaluru Rural district, where Foxconn has sought a 35-acre land parcel.
Separately, Applied Materials has recently announced a US$400 million investment to set up its collaborative engineering centre in India in Bengaluru. The centre aims to work with domestic and global suppliers to drive chipmaking tools.
