Foxconn announces additional capital of $400 million for Telangana project
Foxconn has already laid foundation for its plant at Kongara Kalan. The unit is expected to provide 25,000 jobs.
Hyderabad: The Foxconn Group has decided to invest another $400 million in Telangana in addition to investments announced earlier this year.
Foxconn has already laid the foundation for its plant at Kongara Kalan, with work progressing quite fast on the unit that is expected to provide 25,000 jobs.
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“Moving so fast, Telangana. Another $400 million is coming,” V Lee, Foxconn’s representative in India shared on social media.
He also shared a voluntary announcement copy of the FIT Hon Teng Limited, in which FIT Hon Teng Limited’s Board Chairman Lu Sung-Ching says the Board had approved the company’s proposal to make a capital injection of $500 million to Foxconn Interconnect Technology, Singapore, which is a wholly-owned subsidiary of the company.
The Board also approved FIT Singapore’s proposal to make a capital infusion of $400 million to Chang Yi Interconnect Technology (India) Private Limited.
Responding to this, Industries Minister KT Rama Rao said FIT was poised to deliver on its promise in the State.
“Our friendship with Foxconn Group remains steadfast… each of us delivering on mutual commitments. With total infusement of $550 million (adding previous $150), FIT is poised to deliver on its promises in Telangana. This once again proves Telangana’s speed…” (sic) the Minister tweeted.
The State government had signed a pact with Foxconn on March 2 for setting up the manufacturing facility, and in less than three weeks, on May 15, the groundbreaking ceremony of Foxconn Interconnect Technology’s (FIT) electronics manufacturing facility was held at Kongara Kalan.
The FIT Kongara Kalan Park is one of the largest industrial development projects in the country. The electronics manufacturing facility, according to a joint statement from the State government and Foxconn earlier this year, is a promise to continue delivering world-class products to the markets, and a milestone for Foxconn Interconnect Technology’s global expansion strategy – diversifying its global manufacturing base.
The Telangana State Industrial Infrastructure Corporation (TSIIC) had allotted 196 acres for the facility and already, unit construction works are progressing at high speed.
The company aims at commencing the operations at the unit by March 2024. Going by the pace of works, it should be commence operations as planned, an official said.
The park will have high efficiency and energy saving scientific and technological plants. It will have a living area, which provides accommodation as well as supporting facilities for employees, including care centres, clinics, clubs, supermarkets, fitness centres and banks.
