Foxconn begins work on manufacturing facility near Hyderabad

Telangana`s IT and Industries Minister K.T. Rama Rao announced that the first of Foxconn`s plants in the state will come up with an investment of over $500 million and it will create 25,000 direct jobs in the first phase.

The groundbreaking took place in the presence of Rama Rao and Foxconn Interconnect Technology Chairman & CEO Sidney Lu at Kongara Kalan, about 35 km from Hyderabad. Pic: Reuters

Taiwanese contract manufacturing giant Foxconn performed the groundbreaking of its new electronics manufacturing facility at Kongar Kalaan near Hyderabad on Monday. Telangana`s IT and Industries Minister K.T. Rama Rao announced that the first of Foxconn`s plants in the state will come up with an investment of over $500 million and it will create 25,000 direct jobs in the first phase.

The groundbreaking took place in the presence of Rama Rao and Foxconn Interconnect Technology Chairman & CEO Sidney Lu at Kongara Kalan, about 35 km from Hyderabad.

The new facility is a promise to continue delivering world-class products to the markets, and a milestone for Foxconn Interconnect Technology`s global expansion strategy - diversifying its global manufacturing base, said a joint statement by the Telangana government and Foxconn.

TRENDING NOW

"Thanks to the government of Telangana`s unwavering commitment to fostering a favorable business environment that has enabled Foxconn Interconnect Technology to invest and grow in the State. The proposed facility will serve as a hub for Foxconn Interconnect Technology`s operations in Telangana, allowing Foxconn Interconnect Technology to expand its production capacity," it said.

Also Read: Layoff 2023: CRED-owned Happay slashes 35% of its workforce as part of a restructuring exercise

"The partnership and collaboration between Government of Telangana and Foxconn Interconnect Technology in making this project a reality will further embolden Telangana`s growth story as well as Foxconn Interconnect Technology`s growth in India. The Government of Telangana and Foxconn Interconnect Technology are confident that this investment will not only benefit Foxconn Interconnect Technologya¿s business, but also contribute to the overall economic prosperity of the region."

Over the last nibe years, Telangana has emerged as one of the most dynamic and forward-looking States and has cemented its position as the most preferred investment destination for high tech manufacturing in India.

The proposed investment from Foxconn Interconnect Technology further validates Government of Telangana`s efforts towards building a conducive ecosystem and enabling infrastructure for supporting the global electronics manufacturing industry, added the statement.

Young Liu, chairman, Hon Hai Precision Industry Co. Ltd (Foxconn Technology Group) had visited Hyderabad on March 2.

He had called on Chief Minister K. Chandrasekhar Rao and during the meeting a Memorandum of Understanding (MoU) was signed.

Also Read: Stack Overflow lays off 10% employees, CEO says 'weighs heavily on me'

The Telangana government had announced that Foxconn will set up a manufacturing facility in Telangana with employment generation potential for over one lakh people.A

The government had stated that the historic deal has potential to generate employment to over one lakh people over a period of 10 years.

Later, Young Liu had sent a letter to the Chief Minister stating that Foxconn is committed to setting up a manufacturing facility in Telangana.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.

TAGS: