India's Karnataka govt authorises $968 mln funding from Foxconn unit

The southern Indian state of Karnataka has authorised an 80 billion rupee ($967.91 million) funding in the state by a unit of Taiwan's Foxconn (2317. TW). The government stated in an announcement that the investment will result in the creation of 50,000 jobs.

Foxconn, the world's largest contract electronics manufacturer, has been in discussions with Indian states but has not announced any investment plans so far in Karnataka. Foxconn did not immediately respond to Reuters' request for confirmation on the investment.

The Apple (AAPL.O) supplier had won an order to make AirPods and planned to build a facility in India to manufacture the wireless earphones, two people with direct knowledge of the matter told Reuters last week. Apple has been shifting production away from China after the country's strict COVID-related restrictions disrupted the manufacturing of new iPhones and other devices in the country. The tech giant is also looking to avoid a hit to its business due to tensions between Beijing and Washington.

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