Friday, November 8, 2024

Foxconn denies binding agreement for investment in India

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New Delhi : The Karnataka government expressed surprise after Foxconn denied any binding agreement for investment in India. The Large and Medium Industries Ministry in Karnataka was quoted by news agency IANS as being “truly surprised” by the development. Foxconn, a major assembler of Apple iPhones, had sent its entire team to Bengaluru and had reportedly signed an MoU, and expressed interest in investing in land near Bengaluru International Airport during a recent visit by its chairman and CEO. However, Foxconn released a statement on Saturday denying the existence of any binding or definitive agreements for investment in India during the visit. Meanwhile, Karnataka Chief Minister Basavaraj S. Bommai tweeted on Friday that Apple would “soon” manufacture iPhones at a new plant in the state, with Foxconn set to invest in 300 acres of land near Bengaluru International Airport.

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