South Korean media: $2.5 billion, Foxconn is building a large iPhone factory in India!
On May 14th, the South Korean media "Everyday Economy" published an article stating that Foxconn is constructing a $2.5 billion iPhone manufacturing plant in the suburbs of Bangalore, India, which will bring significant changes to the local economy.
The company producing iPhones, Foxconn, is promoting the "Elephant Project," building a factory covering an area equivalent to 220 football fields in Devanahalli, the technology hub of Bangalore. This factory is expected to create 40,000 jobs and is likely to become Foxconn's second-largest factory outside of China.
According to real estate consultancy Anarock, since Foxconn's arrival, housing prices in Devanahalli have risen by 35%, and nearby development projects have significantly increased.
However, local residents' opposition to the industrial wave in the region remains strong. Farmers are protesting against the construction of the factory, claiming that compulsory land acquisition and industrialization threaten their livelihoods. Local community representative Ramesh Chimmachana said, "Foxconn claims it is creating job opportunities, but farmers and their children do not have the chance to work in the factory."
Foxconn is expected to have tens of thousands of workers moving in and is collaborating with local real estate developers to build housing and infrastructure for the workers. However, some predict that due to the ongoing opposition from the local community and overheating of the real estate market, the project may not proceed smoothly.
Original article: https://www.toutiao.com/article/1832080571293696/
Disclaimer: The article represents only the views of the author.