Foxconn, the Taiwanese electronics giant, has bought a 300-acre site on the outskirts of Bengaluru, according to a filing on the London stock exchange.
The iPhone supplier, known by its official name as Hon Hai Precision Company Limited, is the world's biggest contract electronics manufacturer and the principal assembler of Apple's iPhones.
The company bought the land in Devanahalli, near the airport for India's tech hub Bengaluru, after Apple's recent diversification away from China.
A subsidiary of the company also bought land-use rights for a 480,000 square-metre site in Nghe An province of Vietnam for Rs 178.12 crore (Vietnamese dong 509,500,800,000).
Apple recently opened its first two retail stores in Mumbai and New Delhi, and it started manufacturing iPhones in India from its plant in Tamil Nadu in 2019.
Bloomberg News reported in March that Foxconn was planning to invest Rs 5,741.68 crore, or $700 million, in a new factory in Karnataka, citing unnamed sources.
Apple iPhones will soon be built in the state and create "about 100,000 jobs, Karnataka Chief Minister Basavaraj S Bommai tweeted on March 3”.
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