According to a post on social media by V Lee, a representative of Foxconn India, the board of directors of FIT Hon Teng (Foxconn) have approved the investment of USD 400 million in Telangana. It may be recalled that the Taiwanese contract manufacturer is the largest supplier to Apple.
Posting the company’s disclosure on his social media handle, V Lee said “Moving so fast, Telangana! Another US$400M is coming.”
Telangana Minister for IT and Industries KT Rama Rao tweeted on Saturday in response to V Lee’s post that the new investment plan is in addition to the previously agreed USD 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 on X.
As part of its USD 500 million investment in the state, electronics giant Foxconn Interconnect Technology lay the groundwork for a new electronics manufacturing facility in Telangana in May.
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, as per an earlier press statement.
According to the company, the proposed building will act as a hub for Foxconn Interconnect Technology’s operations in Telangana, enabling the company to increase its production capacity. Telangana Chief Minister K Chandrasekhar Rao and Foxconn Technology Group Chairman Young Liu met earlier this year.