Foxconn, the world’s biggest contract electronics manufacturer and assembler of iPhones, has bought 13 million square foot plot near Devanahalli located close to Bengaluru International Airport.
According to sources, the land was bought for Rs 106.24 crores.
The key Apple supplier has stated this in its filing at London Stock Exchange.
The news has come as a shot in the arm to the ruling BJP ahead of crucial Assembly elections scheduled on May 10.
Investment by Foxconn in the state had run into controversy following the opposition parties questioning ruling BJP and calling it a publicity stunt.
This is seen as part of the company’s strategy to look for alternative production destinations away from China following rigid Covid rules.
The statement from the Large and Medium Industries Ministry said that Foxconn Hon Hai Technology India Mega Development (FHH) would invest Rs 8,000 crore with employment opportunities for 50,000 people.