Foxconn invests $500m in Telangana for a new manufacturing facility
Electronics major Foxconn Interconnect Technology 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, KT Rama Rao; Foxconn Interconnect Technology Chairman and CEO, Sidney Lu; and other dignitaries.
The proposed electronics manufacturing facility at Kongara Kalan near Telangana is a milestone for the Taiwanese firm's global expansion strategy diversifying its global manufacturing base, the company statement said.
The statement further said that the proposed facility will serve as a hub for Foxconn Interconnect Technology's operations in Telangana allowing the firm to expand its production capacity.
"Demonstrating the 'Telangana Speed', I am happy to announce the groundbreaking of first of Foxconn's plant in Telangana at Kongar Kalaan today. With an investment of over $500M it shall create 25,000 direct jobs in first Phase," the minster tweeted.
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