foxconn: Foxconn tops up commitment for Telangana to $550 million

foxconn: Foxconn tops up commitment for Telangana to 0 million

FIT Hon Teng’s (Foxconn) board approved a $400-million investment in Telangana, Foxconn India representative V Lee said in a LinkedIn post. This is in addition to an earlier commitment of $150 million Foxconn had made in the state.

“FIT Singapore intends to inject a capital sum of $400,000,000 into Chang Yi Interconnect Technology (India) Pvt Ltd, in which FIT Singapore holds 99.99% of the capital stock,” FIT Hon Teng said in a filing to the Hong Kong Stock Exchange on Friday that was posted by Lee.

Telangana minister for IT and industries KT Rama Rao hailed the investment. “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. This once again proves Telangana Speed,” he said on X.

Foxconn Interconnect Technology laid the foundation for a new electronics manufacturing facility in Telangana in May, as part of its investment plans in the region. The proposed electronics manufacturing facility, located near Kongara Kalan, is set to serve as a hub for the company’s activity in Telangana.

Semicon to EVs

Foxconn’s latest announcement in Telangana comes close on the heels of the Taiwan-based contract manufacturer committing significant investments in Tamil Nadu and Karnataka.
Apple’s biggest supplier is expanding its manufacturing footprint outside China and has big plans for India, which span semiconductors to electric vehicles.

On July 31, Foxconn signed a memorandum of understanding with Guidance Tamil Nadu to establish a manufacturing facility in Kancheepuram district for electronic components, with a proposed investment of ₹1,600 crore, expected to create 6,000 jobs. Just a day after this announcement was made, Foxconn said it would invest $600 million in Karnataka for two manufacturing projects.

Foxconn already has a large plant near Chennai that manufactures components for the Apple iPhone.

Source link