HyVision System Inc to Invest Rs 40 Crore in Camera Inspection Machine Plant
South Korea-based HyVision System Inc is set to invest Rs 40 crore in establishing a camera inspection machine plant near the Foxconn facility in Devanahalli, Karnataka. The company supplies camera module inspection equipment to Foxconn. The memorandum of understanding was signed with the Karnataka government for this venture near the Kempegowda International Airport in Devanahalli, part of Bengaluru rural district.
Partnership with Karnataka Government
- The Karnataka delegation, led by state minister MB Patil, is visiting South Korea for discussions.
- HyVision signed an MoU for a new plant near the Foxconn facility, with plans for operations in China and India.
- HyVision is investing Rs 40 crore for the new facility.
Karnataka’s Collaboration with Foxconn
In July last year, Foxconn proposed an Rs 8,800-crore supplementary plant to its existing unit at the Devanahalli Information Technology Investment Region in Karnataka. The company had acquired 300 acres in the area for this purpose. Last year, the Karnataka government also signed an MoU with Foxconn, focusing on mobile manufacturing units to create employment for thousands of people.
Foxconn’s Investment Plans
- Foxconn aims to invest Rs 3,000 crore in phase 1 (2023-24) for manufacturing iPhones.
- The company plans to generate employment opportunities for 50,000 people in the first phase.
- Subsequent phases include Rs 4,000 crore in phase 2 (2025-26) and Rs 1,000 crore in phase 3 (2026-27).
Diversification Strategy
Foxconn’s investment in India is part of its ‘China plus one’ strategy to diversify production away from China. The company is a major supplier of Apple iPhone components in India along with Pegatron and Tata Electronics.
Hot Take: Opportunities in Tech Manufacturing
With increasing investments from companies like HyVision and Foxconn, the tech manufacturing sector in India is witnessing significant growth. The partnerships between these companies and the Karnataka government are not only creating employment opportunities but also positioning the country as a key player in the global tech industry. This move reflects a broader trend of companies diversifying their production centers and exploring new markets for growth. Stay tuned for more developments in the tech manufacturing landscape.
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