The land for the factory would be handed over to Foxconn by
July 1, the government said, adding that the project, valued at Rs. 130
billion, is expected to create around 50,000 jobs.
Foxconn, the world's largest contract electronics
manufacturer, has set a target of manufacturing 20 million iPhones a year at
the plant in Devanahalli, on the outskirts of the state capital and tech hub
Bengaluru.
Apple has been shifting production away from China after the
country's strict COVID-related restrictions disrupted the production of new
iPhones and other devices in the country. The tech giant is also looking to
avoid a hit to its business due to tensions between Beijing and Washington.
A spokesperson for Foxconn did not immediately respond to a
request for comment from Reuters.
Meanwhile, some applicants including Vedanta Foxconn JV are
expected to re-apply for government incentives under the modified semiconductor
scheme opening from June 1, according to sources. Under the Modified Semicon
India Programme, the government has increased the financial incentive of 50
percent of the project cost for companies, consortia, joint ventures for
setting up semiconductor fabs in India of any node (wafer size).
In the old scheme, the incentives varied on the basis of
wafer node size.
Similarly, a fiscal incentive of 50 percent of the project
cost is available for setting up of display fabs of specified technologies in
India, a statement said on Wednesday. © Reuters
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