Foxconn, the Taiwan-based contract manufacturer and Apple’s biggest supplier, has approved an investment of USD 400 million in Telangana. This investment proposal is in addition to the previously committed USD 150 million. The total investment of USD 550 million will create 25,000 direct jobs in the first phase.
The investment was announced by Foxconn’s India representative, V Lee, on social media. Telangana Minister for IT and Industries, K T Rama Rao, responded to the announcement and expressed his excitement about the fresh investment. He also mentioned that the friendship between Telangana and Foxconn remains strong.
Earlier this year, Foxconn laid the foundation for a new electronics manufacturing facility in Telangana. This facility, located at Kongara Kalan, will serve as a hub for Foxconn’s operations in the state and allow for expansion of production capacity. The new facility is part of Foxconn’s global expansion strategy to diversify its manufacturing base.
Foxconn’s chairman, Young Liu, along with senior officials of the company, had previously met with Telangana Chief Minister K Chandrasekhar Rao to discuss the investment plans.
Overall, this investment by Foxconn is expected to boost the economy of Telangana and create job opportunities for thousands of people in the state.
