Taiwanese electronics manufacturer Foxconn has invited bids to construct a plant in Karnataka at an outlay of Rs 1,200 crore, according to sources.
The project will be executed through Foxconn Hon Hai Technology India Mega Development Pvt.
The Karnataka government has approved an investment proposal of around Rs 22,000 crore from Foxconn.
“Foxconn’s recent bid for plant construction is for an iPhone factory which it is setting up in Karnataka,” a source aware of the development said.
On February 6, Foxconn had said in a regulatory filing that the announcement about inviting bids was on behalf of its subsidiary Foxconn Hon Hai Technology India Mega Development Pvt Ltd for engaging others to build the plant.
The source said the Rs 1,200-crore bid is not for the company’s semiconductor joint venture with HCL.
Last month, Foxconn Hon Hai Technology India Mega Development Pvt Ltd had allocated $37.2 million or about Rs 308 crore for setting up a semiconductor joint venture with HCL.
When contacted, the company in a statement said: “Foxconn does not comment on market speculation. As a publicly listed company, Foxconn will disclose material progress via regulatory filings.”
In July, Foxconn had proposed setting up a mobile manufacturing unit in Karnataka at an initial investment of Rs 8,800 crore.
PTI
