Foxconn Group, the Taiwanese electronics contract manufacturer, is planning to increase its investment in the Telangana facility. The board of Foxconn Interconnect Technology Ltd (FIT) has approved an infusion of an additional $400 million into Chang Yi Interconnect Technology (India) Pvt Ltd, the subsidiary company responsible for implementing the project. This news comes just three months after the groundbreaking of Foxconn’s accessories manufacturing facility in Telangana.
The investment increase was announced by V Lee, Foxconn’s representative in India, on his LinkedIn account. He posted a screenshot of the Hong Kong stock exchange filing by FIT Hon Teng, confirming the move. Telangana’s industries minister, KT Rama Rao, responded to the news on social media by stating that the friendship between Telangana and Foxconn remains strong and that both parties are delivering on their commitments. With the additional investment, the total infusion in the Telangana facility reaches $550 million, further solidifying Foxconn’s commitment to the region.
Foxconn’s first Telangana facility, located in Kongara Kalan on Hyderabad’s outskirts, will manufacture wearables like Airpods for Apple, as well as accessories like connectors and adapters for multiple brands. The facility is expected to create around 25,000 jobs. In addition to Kongara Kalan, Foxconn has also been shown land in Dundigal by the Telangana government, demonstrating the state’s commitment to creating job opportunities and fostering economic growth.
Unique perspective: The additional investment by Foxconn in Telangana reflects the company’s confidence in the region’s potential for growth in the electronics manufacturing sector. Telangana’s strategic location, favorable business environment, and government support have attracted major players like Foxconn, contributing to the state’s economic development and job creation.
