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Karnataka govt to deposit compensation towards land acquired for Foxconn

The company – also known by its official name Hon Hai Precision Industry Co. Ltd— is building a modern facility to assemble 20 million smartphones annually on a 300-acre plot spred acrss Doddagollahalli and Chpparadahalli villages in Devanahalli taluk, near the Kempegowda International Airport, Bengaluru.

ETtech

Updated On May 4, 2024 at 08:01 AM IST

Karnataka's industries department on Friday said it would deposit the compensation towards the land acquired for the Foxconn facility in Bengaluru in a local court.

The company – also known by its official name Hon Hai Precision Industry Co. Ltd— is building a modern facility to assemble 20 million smartphones annually on a 300-acre plot spred acrss Doddagollahalli and Chpparadahalli villages in Devanahalli taluk, near the Kempegowda International Airport, Bengaluru.

The Karnataka Industrial Areas Development Board (KIADB), an arm of the industries department which has acquired the land, said it would erect a fence around Foxconn's plot to protect it from encroachment.

KIADB CEO M Mahesh said his organization was depositing the compensation payable to landowners to the local court in Devanahalli as per its orders staying direct payment to them.

The KIADB has acquired 867.37 acres of land in Kundana hobli for developing an industrial estate, and 300 acres of this was being allotted to Foxconn.

The government had, in March last year, cleared Foxconn's proposal to invest $1 billion to set up the iPhone factory. The world's largest electronics manufacturer later increased the investment by an additional $1.7 billion.