Foxconn, an iPhone assembler based in Taiwan, has closed negotiations on a 300-acre property near Bengaluru's international airport for its largest technology manufacturing campus in India.

The corporation is anticipated to invest less than $1 billion in phases, assisting the southern state in becoming a centre for electronic production and promoting itself as an option to China to vendors. The funding is anticipated to generate 100,000 new employment over the next few years.

Once Chief Minister Basavaraj Bommai arrives from Bidar and meets officially with Foxconn's 17-member delegation, led by company chairman Young Liu, an official statement from the Karnataka government is anticipated in the evening.

While meeting with the Karnataka group headed by Industries Minister Murugesh Nirani, Principal Secretary S Selvakumar, and Industries Commissioner Gunnar Krishna, Liu and his colleagues toured the potential location within the information technology investment region (ITIR).

“Apple phones will be constructed in a new 300-acre plant in Karnataka,” tweeted MoS MeitY Rajeev Chandrasekhar, emphasizing that the double-engine administrations of PM Narendra Modi and Bommai are trying to attract capital and jobs.

There are rumours that the Taiwanese behemoth would manufacture iPhone components, assemble Apple handsets, and produce electrical products in addition to EV components. Nevertheless, sources who were briefed on the issue have only acknowledged that it would be an electronic manufacturing plant, while dismissing any knowledge of the Foxconn clients it will serve.

The high-profile session on Friday in the IT hub of Bengaluru following a discussion between a high-level team from Karnataka and Chairman Liu in Taiwan's New Taipei City last month.

According to the government, an investment by Foxconn would aid in attracting several other worldwide leaders in the electronics industry. Foxconn is the largest electronics company in the world, with a total revenue of about NT$ 6 trillion in 2022. As in the previous year, it ranked twenty on the Fortune Global 500.

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Foxconn operates 173 campuses and offices in 24 countries/regions worldwide. Smart consumer devices , computer, cloud and networking devices and components are the company's core product categories

Foxconn is already operating production plants in Tamil Nadu and Andhra Pradesh as one of Apple's contract manufacturers.

Apple began manufacturing iPhone 14 models in India in late September of last year. Apple announced rising profitability and sales from India despite a reduction in production delays at its India operations; iPhone 14 was deployed to the production line off Chennai just days after its worldwide introduction.

Strong domestic consumption for iPhones and a boom in exports from India as a result of the diversifying of supply chains worldwide away from China drive Foxconn's intensified India push.

Last year, Foxconn also unveiled a $500 million investment in its India subsidiary. According to a registration with the Taiwan stock exchange, Foxconn's Singapore affiliate is investing in Hon Hai Technology India Mega Development Private Limited.