Hon Hai Precision Industry has bought a 300-acre land for approximately Rs 300 crore in the Bengaluru rural district of Karnataka, filings with the London Stock Exchange (LSE) show. The purchase was done on behalf of its subsidiary, Foxconn Hon Hai Technology India Mega Development, on May 9.

The land tract is in Devanahalli near Kempegowda International Airport in the outskirts of Bengaluru. The move comes as the Taiwanese electronics manufacturer looks to diversify production away from China. Foxconn is the biggest supplier of Apple iPhone parts.

“They are going to take possession of the land after May 10 elections” Gunjan Krishna, the commissioner for industrial development and director, Department of Industries and Commerce of the Karnataka government, has said.

On March 20, the Karnataka government had signed a mega MoU with Foxconn, with the company committing to investing Rs 8,000 crore for a mobile manufacturing unit that would provide employment opportunities for 50,000 people in the State.

It may be recalled that in a letter to Karnataka Chief Minister Basavaraja Bommai, dated March 6, Foxconn had expressed its keenness to set up an electronics manufacturing unit as a part of its Project Elephant in Bengaluru. A team of senior executives from Foxconn, led by Mr Liu and 16 senior leaders of the company, were in the city on March 3.

On March 3, up to 300 acres were identified for the manufacturing facility for Foxconn at Information Technology Investment Region (ITIR) industrial area in Doddaballapur in Devanahalli taluk near the Bengaluru International Airport. The electronics manufacturing unit is projected to generate more than 1 lakh employment opportunities in the next 10 years within the State.