Foxconn Boosts Telangana with $400M Investment

Foxconn Boosts Telangana with $400M Investment

HYDERABAD: In a resounding testament to the thriving manufacturing landscape, Foxconn Group, a prominent third-party manufacturer for phones and peripherals, has unveiled plans to inject an additional $400 million into Telangana. This substantial commitment follows the initial announcement of a $150 million investment in March, which saw the commencement of groundwork for the state-of-the-art manufacturing unit in Kongarakalan, on the city’s periphery, this past May.

The announcement has ignited excitement, with Industries Minister K.T. Rama Rao lauding the decision as it elevates the aggregate investment figure to an impressive $550 million.

Hailing from Taiwan, Foxconn Interconnect Technology Ltd (FIT) serves as a pivotal supplier for technology giant Apple. The sprawling Kongarakalan facility is poised to be a hub for manufacturing a range of digital peripherals, potentially including the coveted AirPods.

In an enthusiastic LinkedIn post, Foxconn’s India representative, V. Lee, shared the news, exclaiming, “Moving so fast, Telangana. Another $400 million is coming.” Lee’s revelation accompanied FIT Hon Teng Limited’s ‘voluntary announcement’ to the Hong Kong stock exchange.

Responding to the news, Rama Rao took to twitter on Saturday, expressing, “Our unwavering alliance with Foxconn Group endures, as we both fulfill mutual commitments. With a cumulative infusion of $550 million (including the earlier $150 million), FIT stands poised to honor its pledges to Telangana. This once again underscores the ‘Telangana Speed’ phenomenon.”

Foxconn’s Chairman, Young Liu, engaged with Chief Minister K. Chandrashekar Rao and Rama Rao in March, engaging in discussions regarding the company’s strategic investment in Telangana. In line with this vision, the state government earmarked a sprawling 200-acre expanse in Kongarakalan for Foxconn’s cutting-edge manufacturing facility—a project for which Rama Rao ceremoniously laid the foundation on May 15. The intensified investment drive by Foxconn underscores the burgeoning prowess of Telangana as a vibrant manufacturing hub. With the infusion of capital and technology, the state’s industrial ecosystem is poised to reach new heights, fostering innovation, employment opportunities, and sustainable economic growth.

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