Hyderabad: Taiwanese contract manufacturing giant Foxconn conducted the groundbreaking ceremony for its new electronics manufacturing facility at Kongar Kalaan, located near Hyderabad, on Monday.
Telangana’s Minister for IT and Industries, K.T. Rama Rao, announced that the first Foxconn plant in the state would be established with an investment exceeding $500 million. The facility is expected to create 25,000 direct jobs in its initial phase.
The groundbreaking event was attended by Rama Rao and Foxconn Interconnect Technology Chairman & CEO Sidney Lu at Kongara Kalan, situated approximately 35 km from Hyderabad.
According to a joint statement issued by the Telangana government and Foxconn, the new facility signifies the company’s commitment to delivering world-class products to the market and marks a significant milestone in Foxconn Interconnect Technology’s global expansion strategy, aimed at diversifying its manufacturing base worldwide.
The statement expressed gratitude towards the Telangana government for its unwavering support in fostering a favorable business environment that facilitated Foxconn’s investment and growth in the state. The proposed facility will serve as a hub for Foxconn Interconnect Technology’s operations in Telangana, enabling the expansion of its production capacity.
The partnership between the Telangana government and Foxconn Interconnect Technology is expected to strengthen both the state’s growth story and Foxconn’s presence in India. The joint investment is anticipated to not only benefit Foxconn’s business but also contribute to the overall economic prosperity of the region.
Over the past nine years, Telangana has emerged as a dynamic and forward-looking state, establishing itself as a preferred investment destination for high-tech manufacturing in India.
The proposed investment by Foxconn Interconnect Technology further validates the efforts of the Telangana government in creating a conducive ecosystem and enabling infrastructure to support the global electronics manufacturing industry, as stated in the release.
Earlier, on March 2, Young Liu, Chairman of Hon Hai Precision Industry Co. Ltd (Foxconn Technology Group), visited Hyderabad. During the visit, he held discussions with Chief Minister K. Chandrasekhar Rao, resulting in the signing of a Memorandum of Understanding (MoU).
The Telangana government had previously announced that Foxconn would establish a manufacturing facility in the state, with the potential to generate employment for over one lakh (100,000) people.
Foxconn reaffirmed its commitment to setting up a manufacturing facility in Telangana in a letter sent by Young Liu to the Chief Minister. The historic deal between the Telangana government and Foxconn has the potential to create employment opportunities for over one lakh people over a period of 10 years.
