Foxconn Interconnect Technology has announced a US$ 500 million (4110.37 crore approx.) investment in Telangana, India, to create a cutting-edge electronics manufacturing facility at Kongara Kalan. K. T. Rama Rao, Minister of Information Technology and Industries, and Sidney Lu, Chairman and CEO of Foxconn, attended the ceremony.
Foxconn’s intention to invest in Telangana is consistent with its strategic growth ambitions and tight relationship with technological behemoth Apple.
According to previous reports, Foxconn received an order from Apple to produce AirPods, leading to the development of an Indian factory for this purpose.
This substantial investment is estimated to generate 25,000 direct jobs in the first phase, providing a considerable boost to the local economy. The agreement has the potential to generate jobs for more than a lakh people over the next 10 years, said the CMO said in March.
Mr. Rama Rao emphasized the government’s haste in making the March 2, 2023 Memorandum of Understanding a reality.
Demonstrating the “Telangana Speed”, I am happy to announce the groundbreaking of first of Foxconn’s plants in Telangana at Kongar Kalaan today
With an investment of over $500M it shall create 25,000 direct jobs in first Phase #Telangana #Foxconn pic.twitter.com/PHThJWxsfT
— KTR (@KTRBRS) May 15, 2023
The facility will help to boost the electronics manufacturing industry and strengthen Telangana’s standing in the global market. Furthermore, it should aid Apple in meeting global demand.
Regarding the ceremony, K. T. Rama Rao, Minister of Information Technology and Industries, Telangana said,
I am sincerely thankful to the entire Foxconn Group for its wonderful decision to set up Foxconn Interconnect Technology’s unit in Telangana. Also, I am delighted to mention that we signed the MoU on 2nd March 2023, and in about just two and a half months, we are here today at the ground-breaking ceremony. The Government of Telangana understands why we need to work at high speed. The Chairman of Foxconn Group, Mr. Young Liu, called it Telangana Speed. We shall live up to that reputation.