iPhone maker Foxconn denies any binding agreement to invest in India, Karnataka govt ‘surprised’

Reported By:DNA Web Team| Edited By: DNA Web Team |Source: DNA Web Desk |Updated: Mar 04, 2023, 10:54 PM IST

The state government of Karnataka has expressed its surprise when iPhone manufacturer Foxconn denied having a legally binding commitment to invest in India. Reports from IANS cite “truly surprised by the development” comments from insiders in Karnataka’s Large and Medium Industries Ministry. Foxconn said on Saturday that no agreements had been reached during CEO Young Liu’s travel to India from February 27 to March 4.

“The whole team of Foxconn, a major assembler of Apple iPhones, was in Bengaluru. The MoU was signed by the team and the team had also paid a visit to land near Bengaluru International Airport and expressed their interest,” sources told IANS.

Foxconn announced on Saturday that “it hasn’t entered into any binding, definitive agreements for new India investment during its chairman’s trip”. As of now, the company is still engaged in negotiations and conducting an internal review. “The proportion of investment sums published is not an official statement of Foxconn.”

Karnataka Chief Minister Basavaraj S. Bommai tweeted on Friday that Apple will “soon” open a new facility in the state to produce iPhones, generating “approximately 100,000 employment”. “Hon Hai Technology Group (Foxconn) has announced a major investment in Karnataka… 300 acres of land has been identified for this purpose near the Bengaluru International Airport, in Doddaballapura and Devanahalli taluks,” Chief Minister Bommai stated.

Foxconn’s Chief Executive Officer and Chairman Young Liu and a team of 16 other top executives were in Bangalore on Friday.

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Large and Medium Industries Minister Murugesh Nirani posted photos with Foxconn CEO and Chairman Young Liu from the airport lounge in Bengaluru on Saturday.

(With inputs from IANS)

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