Increases investment in Telangana
PNS|Hyderabad
The Board of Directors of FIT Hon Teng Ltd (Foxconn) approved the investment of USD 400 million in Telangana, V. Lee, the Foxconn India’s representative, said in a social media post. The Taiwan-based contract manufacturer Foxconn is Apple’s biggest supplier.
“FIT Singapore’s proposal to invest USD 400,000,000 in Chang Yi Interconnect Technology (India) Private Limited has been approved. FIT Singapore owns 99.99 per cent of the capital stock,” FIT Hon Teng told the Hong Kong Stock Exchange on Friday.
Posting the company’s disclosure on his social media handle, V. Lee said, “Moving so fast, Telangana! Another USD 400 million is coming.” Reacting to V Lee’s post, Telangana’s Minister for IT and Industries, KT Rama Rao, tweeted on Saturday that the fresh investment proposal is in addition to the already committed USD 150 million.
“Our ties with the Foxconn Group are intact, with each of us delivering on mutual commitments. With a total capital infusion of USD 550 mn (adding the previous USD 150 mn), FIT is poised to deliver on its promises in Telangana. This once again proves Telangana’s speed,” KTR tweeted on X. This comes to almost Rs 4,510 crore.
Electronics major Foxconn Interconnect Technology laid the foundation for a new electronics manufacturing facility in Telangana in May as part of its USD 500 million investment in the state.
The electronics manufacturing facility at Kongara Kalan near here is a milestone for the Taiwan firm’s global expansion strategy, diversifying its global manufacturing base, a press release said.
The proposed facility will serve as a hub for Foxconn Interconnect Technology’s operations in Telangana allowing the firm to expand its production capacity, it said. Earlier this year, Foxconn Technology Group Chairman Young Liu and his senior officials met Chief Minister K. Chandrasekhar Rao.
