Indian state of Karnataka approves $968 million investment from Foxconn unit

The southern Indian state of Karnataka has approved an investment of 80 billion rupees ($967.91 million) by a unit of Taiwan's Foxconn.

According to a government statement issued on Monday, the investment will result in the creation of 50,000 jobs.

Foxconn, the world's largest contract electronics manufacturer, has held talks with Indian states but has yet to announce any investment plans in Karnataka.

Foxconn did not respond immediately to a request for confirmation of the investment.

According to two people with direct knowledge of the situation, the Apple supplier had won an order to manufacture AirPods and planned to build a facility in India to manufacture the wireless earphones.

After China's strict COVID-related restrictions disrupted the production of new iPhones and other devices, Apple has been shifting production away from the country. The tech behemoth is also attempting to avoid a hit to its business as a result of tensions between Beijing and Washington.

Hon Hai Precision Industry Co., Ltd., known in China and Taiwan as Hon Hai Technology Group and internationally as Foxconn, is a Taiwanese multinational electronics contract manufacturer founded in 1974 with headquarters in Tucheng, New Taipei City, Taiwan.