Foxconn was given permission to invest an extra Rs 13,911 crore by the State High-Level Clearance Committee (SHLCC) of Karnataka on December 12. The committee is chaired by Chief Minister Siddaramaiah.
According to MB Patil, the minister of big and medium-sized industries and infrastructure development for Karnataka, the corporation has already received approval for an investment of Rs 8,000 crore in the state. “SHLCC approved Foxconn’s proposal to invest an additional ₹13,911 crore” , according to him.
The extra money, according to officials, is intended for a manufacturing plant in the Doddaballapur industrial sector of Devanahalli Taluk’s Information Technology Investment Region (ITIR). Hon Hai Precision Industry (Foxconn) paid Rs 300 crore ($37 million) for the land in May 2023.
According to Patil, the 62nd SHLCC has authorized 14 projects totaling Rs 34,115 crore, and it is anticipated that these projects will create 13,308 jobs across the state.
At a press conference following the 62nd SHLCC meeting at Suvarna Vidhana Soudha in Belagavi, Patil stated, “Of the 14 proposals approved by SHLCC, 10 are new projects amounting to Rs 19,452 crore, while the remaining four represent additional investment projects totaling Rs 14,662 crore.”
According to Patil, other significant projects that have received government approval include Janki Corp Limited (an additional investment of Rs 607 crore), Toyota Kirloskar Motor Private Limited (Rs 3,237.3 crore), JSW Steel Limited (Rs 3,804 crore), JSW Renew Energy Four Limited (Rs 4,960 crore), and TRIL Bengaluru Real Estate Six Limited (Rs 3,273 crore).
The projects that have been approved are JSW Renew Energy Four Limited, Janki Corp Limited, JSW Steel Limited, and Orient Cement Limited. These projects are expected to significantly increase industrial growth and create jobs in North Karnataka. The minister further stated that these four projects are anticipated to generate 3,538 new jobs in North Karnataka and a total investment of Rs 9,461 crore.
