Foxconn Supercharges Investment in Telangana, Surpassing $550 Million Mark
- ByStartupStory | August 13, 2023
Hyderabad: In a significant move, Foxconn, the Taiwan-based contract manufacturer and Apple’s primary supplier, has decided to increase its investment in Telangana to a staggering $550 million. The Board of Directors of FIT Hon Teng Ltd (Foxconn) has given the green light for an additional investment of $400 million in Telangana, as confirmed by V Lee, Foxconn India’s representative, in a social media announcement.
This investment is intended for Chang Yi Interconnect Technology (India) Private Limited, a company held by FIT Singapore with a 99.99 percent ownership of its capital stock. FIT Hon Teng formally communicated this decision to the Hong Kong Stock Exchange, signifying the scale of this financial commitment.
The news of this expanded investment was shared by V Lee, who posted Foxconn’s disclosure on social media, stating, “Moving so fast, Telangana! Another $400M is coming.”
Responding to this announcement, Telangana’s Minister for IT and Industries, KT Rama Rao, took to Twitter to express his appreciation. He highlighted that this new investment proposal is in addition to the previously committed $150 million. “Our friendship with Foxconn Group remains steadfast, each of us delivering on mutual commitments. With total infusement of $550m (adding previous $150m), FIT is poised to deliver on its promises in Telangana. This once again proves Telangana Speed,” Rama Rao tweeted.
Earlier in the year, Foxconn Interconnect Technology had laid the foundation for a state-of-the-art electronics manufacturing facility in Telangana as part of its $500 million investment plan for the region. This new facility, situated at Kongara Kalan near Hyderabad, serves as a pivotal component of Foxconn’s global expansion strategy, diversifying its manufacturing base worldwide.
The upcoming facility is expected to serve as a central hub for Foxconn Interconnect Technology’s operations in Telangana, effectively enhancing the firm’s production capacity. This investment underscores Foxconn’s commitment to its expansion plans and its collaboration with the state of Telangana. Earlier, Foxconn Technology Group chairman Young Liu and senior officials had engaged with Telangana Chief Minister K Chandrasekhar Rao, underscoring the mutual commitment to this promising partnership.
Follow Startup Story
Related Posts
