Foxconn to reportedly invest an additional Rs 13,911 crore in Karnataka

Karnataka's State High-Level Clearance Committee (SHLCC) led by Chief Minister Siddaramaiah has granted approval to Foxconn to invest an additional Rs 13,911 crore. The company had earlier been granted approval for an Rs 8,000 crore investment in the state. The additional investment is earmarked for a manufacturing facility within the Information Technology Investment Region industrial area at Doddaballapur in Devanahalli Taluk. Foxconn acquired the land for Rs 300 crore in May.  

Karnataka's minister for large and medium industries and infrastructure development MB Patil said, "SHLCC approved Foxconn’s proposal to invest an additional ₹13,911 crore," he said. 

The minister further said the 62nd SHLCC has approved 14 projects with a combined value of Rs 34,115 crore, which are expected to generate 13,308 jobs throughout the state. 

"Of the 14 proposals approved by SHLCC, 10 are new projects amounting to Rs 19,452 crore, while the remaining four represent additional investment projects totalling Rs 14,662 crore," said Patil during a media briefing. 

Other major projects receiving government approval include JSW Renew Energy Four Limited (Rs 4,960 crore investment), JSW Steel Limited (Rs 3,804 crore), Toyota Kirloskar Motor Private Limited (Rs 3,237.3 crore), TRIL Bengaluru Real Estate Six Limited (Rs 3,273 crore) and Janki Corp Limited (additional investment of Rs 607 crore), Patil said.