India, March 7 -- Karnataka chief minister (CM) Siddaramaiah has said that iPhone manufacturer Foxconn will receive an incentive of INR 6,970 Cr under the state's Electronics System Design and Manufacturing (ESDM) policy.

Siddaramaiah made the announcement while delivering the state budget speech on Friday (March 7).

With this, the Taiwanese giant will become the first electronics company to receive incentives of this size from the state government. This comes at a time when Foxconn is looking to operationalise a smartphone manufacturing plant in Karnataka's Devanahalli Industrial Area with a capital investment of INR 21,911 Cr.

This comes months after officials of the Karnataka government met Hon Hai Technology Group's (Foxconn) CEO a...