Third-party phone and peripherals contract manufacturer Foxconn has announced a fresh investment of $400 million into Telangana. The company is likely to manufacture AirPods along with other digital peripherals at its Kongarkalan facility near here.
“Moving so fast, Telangana. Another $400 million is coming,” V Lee, Foxconn’s representative in India has announced on his LinkedIn wall, sharing FIT Hon Teng Limited’s ‘voluntary announcement’ that the company made to the Hong Kong bourse.
“Yes. It is true,” Telangana IT and Industries Minister KT Rama Rao told businessline, when asked for his comment on the development.
The company, which kicked off the construction work at Kongarakalan near here in May this year, pledged an investment of $500 million for the project. The project, which would commence production in the next three quarters, is expected to provide 25,000 jobs. A top official of the State government said that they hoped that the company would invest more in the State.
FIT Hon Teng Limited’s Board Chairman Lu Sung-Ching said the board approved company’s proposal to make a capital injection of $500 million to Foxconn Interconnect Technology Singapore Pte Ltd, which is a wholly-owned subsidiary of the company.
The board also approved a proposal by FIT Singapore’s proposal to make a capital infusion of $400 million to Chang Yi Interconnect Technology (India) Private Ltd.
Foxconn, which is on an investment spree in the States of Telangana and Karnataka, has recently announced that it would consider investments in Tamil Nadu.
Early this year, Foxconn Technology Group Chairman Young Liu met with the Chief Ministers of Telangana and Karnataka to discuss the company’s proposed investments in the two States.
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Published on August 11, 2023
