• Monday, October 02, 2023

Business

Apple supplier Foxconn to increase India investment to $550m

By: Pramod Thomas

THE board of directors of FIT Hon Teng Ltd (Foxconn) approved the investment of $400 million (£315m) in Telangana, southern India, its India representative V Lee said in a social media post.

Taiwan-based contract manufacturer Foxconn is Apple’s biggest supplier.

“…FIT Singapore’s proposal to make a capital injection of $400m to Chang Yi Interconnect Technology (India) Private Limited, which is held by FIT Singapore as to 99.99 per cent of the capital stock,” FIT Hon Teng informed the Hong Kong Stock Exchange on Friday (11).

Posting the company’s disclosure on his social media handle, Lee said: “Moving so fast, Telangana! Another $400m is coming.”

Reacting to the post, Telangana minister for IT and industries K T Rama Rao tweeted on Saturday (12) saying the fresh investment proposal is in addition to the already committed $150m (£118m) earlier.

“Our friendship with Foxconn Group remains steadfast, each of us delivering on mutual commitments. With total infusement of $550m (adding previous $150m), FIT is poised to deliver on its promises in Telangana. This once again proves Telangana Speed,” Rama Rao posted on Twitter.

Rama Rao had earlier posted that Foxconn’s investments in Telangana will create 25,000 direct jobs in the first phase.

Electronics major Foxconn Interconnect Technology in May laid the foundation for a new electronics manufacturing facility in Telangana as part of its investment in the state.

The proposed electronics manufacturing facility at Kongara Kalan near Hyderabad is a milestone for the Taiwanese firm’s global expansion strategy – diversifying its global manufacturing base, a press release had earlier said.

The proposed facility will serve as a hub for Foxconn’s operations in Telangana allowing the firm to expand its production capacity, it said.

Earlier this year, Foxconn Technology Group chairman Young Liu along with senior officials of the company met Telangana chief minister K Chandrasekhar Rao in Hyderabad.

(PTI)

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