Foxconn to invest $500 mn in Telangana, sets up new mfg cluster

Hyderabad: Electronics major Foxconn Interconnect Technology on Monday laid the foundation for a new electronics manufacturing facility in Telangana as part of its $500 million investment in the state.

The foundation laying ceremony took place in the presence of Telangana Minister for Industries and Commerce K T Rama Rao, Foxconn Interconnect Technology Chairman and CEO Sidney Lu and other dignitaries, a press release from the state government said.

The proposed electronics manufacturing facility at Kongara Kalan near here is a milestone for the Taiwanese firm’s global expansion strategy diversifying its global manufacturing base, it said.

“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,” Rama Rao tweeted.

Speaking on the occasion, he said there is a need to work as per the confidence that was placed on Telangana by the Foxconn chairman. “ I would like to thank Foxconn company for investing $500 million in Telangana,” the minister said.