Apple iPhone maker buys massive site in Bengaluru for THIS much
Taiwanese electronics giant Foxconn has bought a huge tract of land on the outskirts of Bengaluru, the key Apple supplier said in a filing Tuesday. The 1.2 million-square-metre (13 million-square-foot) acquisition in Devanahalli, near the Bengaluru airport, was announced in a statement.
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FollowFoxconn, a major Apple supplier, revealed in a filing on Tuesday that it had purchased a sizable plot of land in Bengaluru, days after the company launched its two stores in India.
The company informed the London Stock Exchange in a statement that it has purchased a 13 million square foot plot of land in Devanahalli close to the Kempegowda International Airport. For the uninitiated, Foxconn is the largest contract electronics manufacturer in the world and the primary Apple iPhone assembler.
For the property, it said that its affiliate Foxconn Hon Hai Technology India Mega Development had paid three billion rupees (about $37 million).
In 2019, Foxconn began producing Apple smartphones in India. It began producing the product at its factory in Tamil Nadu. Wistron and Pegatron, two additional Taiwanese vendors, also manufacture and assemble Apple products in India.
Earlier this month, Karnataka Chief Minister Basavaraj S Bommai stated that Apple would'soon' manufacture iPhones in the state, creating around 100,000 employment.
Foxconn chairman Young Liu visited the state then to "deepen partnerships... and seek cooperation in new areas such as semiconductor development and electric vehicles", he said in a statement. He also met with Prime Minister Narendra Modi, who said the pair's "discussions covered various topics aimed at enhancing India's tech and innovation eco-system".
Chief Executive Tim Cook unveiled Apple's first two retail locations in the most populous nation last month as part of the company's own drive into India. The California-based company is placing a significant wager on the 1.4 billion-person country, which behind China has the second-highest percentage of smartphone users worldwide.
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