Taiwanese multinational electronics contract manufacturer Foxconn will be investing $500 million in Telangana, announced Telangana Minister KT Rama Rao on Monday.
Taking to twitter he announced that a new plant of the company would be coming up at Kongar Kalaan in Telangana and the investment is expected to create over 25,000 direct jobs in the state in the first phase. He also shared a photograph of Telangana Chief Minister K Chandrasekhar Rao and the Foxconn officials.
“Demonstrating the “Telangana Speed”, I am happy to announce the groundbreaking of the 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 the first Phase,” KT Rama Rao said in a tweet.
“The Government of Telangana and Foxconn Interconnect Technology are confident that this investment will not only benefit Foxconn Interconnect Technology’s business but also contribute to the overall economic prosperity of the region,” a joint statement by the Telangana government and Foxconn said on Monday.
Last week, in an exchange filing the electronics manufacturing giant announced the buying of a huge tract of land on the outskirts of Bengaluru for $37 million.Its subsidiary Foxconn Hon Hai Technology India Mega Development was paying three billion rupees ($37 million) for the site, a report by AFP said.
Earlier in March, a Bloomberg News reported that month that Foxconn was planning to invest $700 million in a new factory in Karnataka the same month, citing unnamed sources.
The company is also known by its official name Hon Hai Precision Industry and is the world’s biggest contract electronics manufacturer and a principal assembler of Apple iPhones.
In March, Foxconn had reportedly bagged the order to manufacture Airpods for Apple.
The company was planning to set up a plant in India for that purpose. The plans were in line with Apple’s larger plans to shift its operations from China to India amid increasing economic tensions between Washington and Beijing, a Reuters report said.