Karnataka discusses investment plans with Foxconn

Updated on: 9 February 2023 7:15 pm

In a statement, the company revealed that Krishna has more than 27 years of experience across client engagement, business transformation, data analytics, digital transformation, and finance

Krishna Ramachandran Joins TVS Capital Funds As Managing Partner and COO Photo: In a statement, the company revealed that Krishna has more than 27 years of experience across client engagement, business transformation, data analytics, digital transformation, and finance

A high-level delegation from the government of Karnataka on Wednesday met Hon Hai Technology Group (Foxconn) chairman Young Liu at the company headquarters in Taiwan and held discussions about investment plans in the Indian State.

The delegation consisted of Gunjan Krishna, commissioner for industrial development and director of industries and commerce and Kedarnath Mudda, senior advisor to Basavaraj Bommai, chief minister (CM) of Karnataka.

Foxconn’s spokesman James Wu, chief investment officer James Tu and some more executives were also present on the occasion, an official release said.

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"Foxconn’s potential investment in Karnataka will be a testament to the State’s industrial landscape. We are working towards building the best electronics and manufacturing ecosystems, which will attract further investments in the sector. We welcome Foxconn to Karnataka and wish them the best of luck," said CM Bommai.

Foxconn is said to be the world’s largest electronics manufacturer, with total revenue exceeding NT$ (New Taiwan dollar) 6 trillion in 2022. As of last year, it ranks 20th in the Fortune Global 500.

Foxconn has 173 campuses and offices in 24 countries or regions around the world.

The primary product segments for the company include smart consumer electronics (smartphones, TVs, game consoles, among others), cloud and networking products (servers, communication networks), computing products (computers, tablets) and components and others (connectors, mechanical parts, services).

"With a strong and stable industrial policy, our aim is to make Karnataka a key electronics and manufacturing hub. With Foxconn’s potential investment, the State is gearing up to be the topmost in the country to attract many other global electronics companies," said large and medium industries minister Murugesh Nirani.

Gunjan Krishna said the government would like to extend full support to Foxconn and is thrilled to see Karnataka being considered as a potential investment destination. "Our investment-friendly policies and processes will further facilitate them to grow in the State," she said.