Foxconn plans to acquire 186 acres at Kongara Kalan in Hyderabad

Foxconn Interconnect Technology Ltd (FIT) has proposed to acquire 186.7 acres at Kongara Kalan, Ibrahimpatnam mandal, Hyderabad

Hyderabad: Taiwanese multinational electronics contract manufacturer Foxconn is expediting its plans for Telangana and has proposed to acquire about 186 acres in the Telangana State Industrial Infrastructure Corporation’s (TSIIC) Park at Kongara Kalan for a staggering Rs.196 crore.

Foxconn Interconnect Technology Ltd (FIT), through its wholly–owned subsidiary Chang Yi Interconnect Technology (India) Private Limited, has proposed to acquire 186.7 acres at Kongara Kalan, Ibrahimpatnam mandal, Hyderabad. The plot is being acquired for 23.8 million US dollars (equivalent to approximately Rs.196 crore), a move that a TSIIC senior official also has confirmed.

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The FIT Hon Teng Limited’s business and profit update, available on its official website, said the proposed land acquisition was for constructing factories, research and development centres and dormitories. The considerations for the proposed land acquisition will be determined through negotiations between the parties with reference to market conditions, it said.

The development comes after the March 6 announcement from Foxconn Technology Group Chairman Young Liu on his company’s commitment to set up a manufacturing facility at Kongara Kalan park in Telangana. Earlier, on the sidelines of his visit to Hyderabad to inaugurate T Works, Young Liu had an extensive meeting with Chief Minister K Chandrashekhar Rao and had announced that Foxconn would be setting up a manufacturing facility at Kongara Kalan Park, which would create one lakh direct and indirect employment for youth in the State.

Soon after returning to Taiwan, Young Liu also wrote to the Chief Minister appreciating the efforts of the BRS government for development of Telangana.