Apple supplier Foxconn has announced an additional investment of $400 million in the state of Telangana. The Board of Directors of FIT Hon Teng Ltd (commonly known as Foxconn) has given its nod to the additional investment, V Lee, Foxconn India's representative, revealed in a Linkedin post. Foxconn, a prominent Taiwan-based contract manufacturer, and Apple's primary supplier, had earlier started the construction of an electronics manufacturing facility in Telangana in May.
"…FIT Singapore's proposal to make a capital injection of US$ 400,000,000 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. Posting the company's disclosure, V Lee said "Moving so fast, Telangana! Another US$400M is coming."
In response to V Lee's post, Telangana Minister for IT and Industries KT Rama Rao tweeted on Saturday that the new investment plan is in addition to the $150 million already promised.
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"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 tweeted.
In May, Foxconn Interconnect Technology laid the foundation for a new electronics manufacturing facility in Telangana. The establishment of this facility in Kongara Kalan was emphasised as a pivotal step in Foxconn's global expansion strategy by the firm, aimed at diversifying its manufacturing base.
Earlier this year, Foxconn Technology Group's chairman, Young Liu, and senior officials met with Telangana Chief Minister K Chandrasekhar Rao to discuss the ongoing collaborations and investment initiatives.