iPhone maker Foxconn buys site in Bengaluru for $13 million

Taiwanese electronics company Foxconn has bought a huge tract of land on the outskirts of Bengaluru. Apple's big supplier company recently made this new information available. The company said that this project is important to increase and diversify production away from China.
It is known that Foxconn is one of the world's largest contract electronics manufacturers. It is also a major assembler of the Apple iPhone.
In fact, both companies were looking to diversify away from China following strict Covid policies in recent years and ongoing diplomatic tensions with the United States. The company has the largest share of its manufacturing in China. In such a situation, this project is considered very special for the company.
The company said in a statement to the London Stock Exchange that it has acquired 13 million sq ft in Devanahalli near the Bengaluru airport. Its subsidiary Foxconn has paid Rs 3 billion for the Hon High Technology India Mega Development Site.
Recently, Karnataka Chief Minister Basavaraj S Bommai said that Apple would soon manufacture iPhones at a new plant in the state. Not only this, with the help of Apple, about 100,000 jobs will be created in the state. However, in the month of March itself, media reports were claiming that Foxconn was planning to invest $700 million in a new factory in Karnataka.
It is known that Foxconn has manufactured Apple handsets in India since 2019 at its plant in Tamil Nadu. Apple's devices are also manufactured in India by two other Taiwanese suppliers, Wistron and Pegatron.
Apple is working to grow its business in India. Apple's retail stores were opened in India only last month. During this, Apple CEO Tim Cook also reached India and met PM Modi. Both the events of Apple were very special for India as well. Users were very excited about the new Apple Stores.