Foxconn to invest USD 500 million in Telangana, breaks ground for new manufacturing facility

Hyderabad, May 15 (PTI) 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 in the state.

The foundation-laying ceremony took place in the presence of Telangana Minister for Industries and Commerce K T Rama Rao, Foxconn Interconnect Technology Chairman and CEO Sidney Lu and other dignitaries, a joint statement by Foxconn and Telangana Government said.

The proposed electronics manufacturing facility at Kongara Kalan near here is a milestone for the Taiwanese firm's global expansion strategy – diversifying its global manufacturing base, it said.

"Demonstrating the 'Telangana Speed', I am happy to announce the groundbreaking of THE first of Foxconn's plants in Telangana at Kongar Kalan today. With an investment of over $500M it shall create 25,000 direct jobs in the first Phase," Rama Rao tweeted.

Speaking on the occasion, he said there is a need to work in a manner that validates the confidence placed on Telangana by the Foxconn chairman. "…I would like to thank Foxconn company for investing USD 500 million in Telangana," the minister said.

The proposed facility will serve as a hub for Foxconn's operations in Telangana, allowing the firm to expand its production capacity, it said.

The Government of Telangana and Foxconn Interconnect Technology are confident that this investment will not only benefit Foxconn’s business, but also contribute to the overall economic prosperity of the region, the statement said.

Foxconn Technology Group chairman Young Liu in a letter addressed to Telangana Chief Minister K Chandrasekhar Rao had earlier confirmed the commitment of Foxconn in setting up the manufacturing facility in Kongar Kalan and sought the support of the State team in operationalising it as early as possible.

Rao and Liu met here on March 2, and it was agreed that Foxconn would set up an electronics manufacturing facility in Telangana with employment generation potential for over one lakh people. PTI GDK GDK ANE