Foxconn Secures INR 6,970 Crore Incentive Under Karnataka’s Special Scheme
Taiwanese contract electronics manufacturer Foxconn is set to receive an incentive package worth INR 6,970 crore under Karnataka’s special incentive scheme. The announcement was made by Karnataka Chief Minister Siddaramaiah during the state budget presentation on March 7.
Foxconn is investing INR 21,911 crore to establish a mobile manufacturing facility in the Devanahalli industrial area of Karnataka. The plant, known as "Project Elephant," will span 300 acres. The company will receive the incentive under the state’s Electronics System Design and Manufacturing (ESDM) policy.
Under the ESDM policy, Foxconn will benefit from a 25% capital investment subsidy, a 20% subsidy on machinery, and reimbursements for stamp duty and registration fees. Foxconn is the first company to secure such a significant incentive in this sector, reflecting Karnataka’s commitment to attracting high-tech industry investments.
