K'taka govt, Foxconn sign Letter of Intent for two marquee projects with Rs 5,000 crore investment
Bengaluru, Aug 2: The Karnataka government on Wednesday said it has signed a Letter of Intent (LoI) with Foxconn, a major iPhone assembler for tech giant Apple, to undertake two marquee projects in the state with an estimated investment worth Rs 5,000 crore.
The projects would create employment opportunities for 13,000 people in the state, it said.
The signing ceremony took place between a high-level delegation of the Government of Karnataka and Foxconn in Chennai recently, where Large and Medium Industries and Infrastructure Development Minister M B Patil and Minister for IT and BT, Rural Development and Panchayat Raj Priyank Kharge along with senior officials met Foxconn Chairman Young Liu and other executives of the company.
The two projects are: phone enclosure project under which the Foxconn subsidiary plans to invest USD 350 million (Rs 3,000 crore) with employment opportunities for 12,000 people, and semicon equipment project in collaboration with Applied Materials with a projected investment of USD 250 million (Rs 2,000 crore) and employment generation for 1,000 people.
The LoI outlined the framework for the two projects that Foxconn plans to establish in the state, an official release said, adding that the Karnataka government reaffirmed its commitment to providing a supportive environment for businesses to thrive.
"The meeting between Foxconn Chairman and the Government of Karnataka holds immense promise for the economic landscape of the state, with potential benefits in terms of employment generation, technology advancement, and overall socio-economic growth. The LOIs between Foxconn and Government of Karnataka will boost investments in the State," Patil said.
"It is a significant opportunity for Foxconn to engage with the Government of Karnataka and move forward with the establishment of these ventures. The projects will significantly contribute to the state's economic growth and foster employment opportunities for thousands of skilled individuals," he added.
Foxconn's Chairman Young Liu, was quoted in the statement as saying: "We are excited about the possibilities that Karnataka offers for our expansion plans in India. The state's conducive business environment, coupled with its skilled workforce, makes it an attractive destination for our high-tech ventures. We look forward to building our success story with the state."
The location for this project is likely to be finalised at Haraluru Muddenahalli - Hi-Tech Aerospace and Defence Park-Phase II in Bengaluru Rural district, where Foxconn has sought a 35-acre land parcel.
Regarding the phone enclosure manufacturing project, the Industries department said Foxconn is setting up a facility for manufacturing sub-assembly components for smartphones, specifically mechanical enclosures of iPhones. The company is currently evaluating suitable land parcels in and around Bengaluru.
On the Semicon equipment manufacturing project, it said Foxconn is collaborating with Applied Materials on a project for manufacturing semiconductor manufacturing equipment.
FoxSemicon Integrated Technologies manufactures sophisticated subassemblies for Applied Materials, a semiconductor and display equipment manufacturer.
Separately, Applied Materials has also recently announced a USD 400 million investment to set up its collaborative engineering centre in India at Bengaluru that will work with both domestic and global suppliers to drive semiconductor manufacturing equipment R&D for the next level of innovation and commercialisation of technologies.
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Real Madrid fines Valverde and Tchouaméni half a million euros each for altercation
Barcelona (AP): Real Madrid slapped players Federico Valverde and Aurélien Tchouaméni with half-a-million-euro ($588,000) fines on Friday for their altercation during practice.
The massive fines came a day after the midfielders tussled when the team trained. Valverde said in a post on social media on Thursday that no punches were thrown. But Valverde knocked his head on a table and he suffered a small cut that required a brief hospital visit.
On social media, Valverde initially called it a “meaningless fight” with a teammate and said “everything has been blown out of proportion."
His employers, however, considered it a significant enough breach of team discipline to nail both Valverde and Tchouaméni with fines that bite even the bank account of a top soccer player. The half-a-million euro penalties reflect the reputational damage the club was enduring in a chaotic end to a disappointing season.
In a statement, the 15-time European champion said its disciplinary action was concluded after both players expressed to the club “their complete remorse for what happened and apologized to one another.”
Madrid added they also apologized to their teammates, the coaching staff and club supporters, as well as showing their willingness to accept whatever disciplinary action the club deemed “opportune.”
Tchouaméni was back training with Madrid on Friday, two days before they play at Barcelona in a clasico. Madrid has to win otherwise Barcelona will be crowned La Liga champion.
After being notified of the fine, he posted a public apology to the club and its fans on social media.
“What happened this week in training is unacceptable,” Tchouaméni wrote. "I say this while thinking about the example we are expected to set for young people, whether in football or at school.
“Above all, I am sorry for the image we projected of the club.”
Valverde was not at practice due to the head knock.
Both players are set to play in the World Cup next month, with Tchouaméni playing for France and Valverde for Uruguay.
Chaotic end to a poor season
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The run-in between the players, who for seasons have played side by side in Madrid's midfield, came after they argued this week in previous training sessions. But tempers boiled over on Thursday. Spanish media was rife with reports that the players previously disagreed over the club's decision to let coach Xabi Alonso go after just months on the job.
It was not the only altercation involving Madrid players during training this week. Álvaro Carreras confirmed he was in a “minor” incident with a teammate. Spanish media said he and fellow defender Antonio Rüdiger got into a scuffle.
Álvaro Arbeloa, the coach who was promoted from Madrid's reserve team when Alonso was fired in January, will face tough questions on what went wrong inside the changing room when he gives a press conference on Saturday ahead of the clasico at Camp Nou.
Madrid is facing a second consecutive campaign without a major trophy amid rumors in the Spanish media that club president Florentino Pérez is considering bringing back Jose Mourinho to straighten out his underperforming team.
