Taiwanese firm Foxconn to open new facility in Telangana; invest $500 million
The Telangana State Industrial Infrastructure Corporation allocated 196 acres of land to Foxconn
By Newsmeter Network Published on 15 May 2023 1:09 PM GMT
Hyderabad: Electronics major Foxconn Interconnect Technology on Monday laid the foundation for a new electronics manufacturing facility in Telangana as part of its USD$ 500 million investment at Kongara Kalan in Ranga Reddy district. The Telangana State Industrial Infrastructure Corporation allocated 196 acres of land to Foxconn, which manufactures about 70% of Apple’s iPhones.
The foundation-laying ceremony took place in the presence of Telangana Industries and Commerce Minister K.T. Rama Rao, Foxconn Interconnect Technology chairman and CEO Sidney Lu, and other dignitaries.
According to the officials, the proposed electronics manufacturing facility at Kongara Kalan is a milestone for the Taiwanese firm’s global expansion strategy, diversifying its global manufacturing base.
“Demonstrating the ‘Telangana Speed,’ I am happy to announce the groundbreaking of the first of Foxconn’s plants in Telangana at Kongar Kalaan today. With an investment of over $500M it shall create 25,000 direct jobs in the first Phase,” KTR tweeted.
Demonstrating the “Telangana Speed”, I am happy to announce the groundbreaking of first of Foxconn’s plants in Telangana at Kongar Kalaan today
— KTR (@KTRBRS) May 15, 2023
With an investment of over $500M it shall create 25,000 direct jobs in first Phase #Telangana #Foxconn pic.twitter.com/PHThJWxsfT
Speaking on the occasion, he said there is a need to work as per the confidence that was placed on Telangana by the Foxconn chairman. “I would like to thank Foxconn company for investing US$ 500 million in Telangana,” the minister said.
The proposed facility will serve as a hub for Foxconn Interconnect Technology’s operations in Telangana, allowing the firm to expand its production capacity. Foxconn Interconnect Technology chairman and CEO Sidney Lu said the collaboration would further embolden Telangana’s growth story and Foxconn’s growth in India.
Addressing the meeting, KTR said with the aim of providing ample job and employment opportunities to the youth of Telangana, special efforts are being made for the establishment of industries in the state.
According to the minister, Foxconn company’s new facility in Telangana will directly provide employment to 35,000 people, and indirectly to one lakh people. In the context of the completion of the construction of the new facility in another nine months, the company will provide quality training to the local unemployed youths.
