- The expansion is part of the efforts of global tech companies to diversify their supply chain and production sites beyond China
- Around 25,000 employment opportunities are expected to be generated in the first phase
- Foxconn wants to grow its manufacturing presence due to the rapid scaling of the electronics manufacturing business in India on strong sales
Taiwan-based electronics bigwig Foxconn Interconnect Technology is all set to open a manufacturing facility near Hyderabad soon. As part of its $500-million investment plans for Telangana, the iPhone maker laid the foundation for this new factory at Kongara Kalan on Monday, in the presence of Telangana Minister for Industries and Commerce K T Rama Rao, Foxconn Inter-connect Technology chairman and CEO Sidney Lu and other officials. It is learnt that Foxconn wants to grow its manufacturing presence in the country due to the rapid scaling of the electronics manufacturing business in India on strong sales. The expansion is part of the efforts of global tech companies to diversify their supply chain and production sites beyond China. As per a tweet from the state government, around 25,000 employment opportunities are expected to be generated in the first phase of this factory.
A joint statement released by the state government and Foxconn said that this proposed 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.
Thanking Foxconn company for investing in Telangana, the state minister emphasised the need to work according to the confidence that was placed in Telangana by the Foxconn chairman. He tweeted: Demonstrating the ‘Telangana Speed’, I am happy to announce the groundbreaking of the first of Foxconn’s plants in Telangana at Kongara Kalan today. With an investment of over $500 million, it shall create 25,000 direct jobs in the first phase.
