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On the outskirts of Hyderabad, in Kongara Kalan, the Taiwanese multinational electronics company Foxconn Interconnect Technology Limited hosted the groundbreaking ceremony for its production site. Sidney Lu, chairman and CEO of Foxconn Interconnect Technology, claimed that the partnership would further empower Telangana's growth narrative and the company's expansion in India.
Foxcon's Ground Breaking Ceremony in Telangana
Foxconn executives and Telangana Industries Minister K T Rama Rao attended the groundbreaking ceremony. According to Telangana government officials, the company would invest $500 million and generate 25,000 direct jobs. By the end of the year 2023, the company might begin production.
Foxconn to supply Top Quality Products
In a joint statement, the Telangana government and Foxconn stated that the new facility promises to keep supplying markets with top-quality products. It is a significant step for the business's worldwide expansion strategy of broadening its global manufacturing base. Over ten years, the transaction, according to officials, has the potential to employ more than a lakh people.
Sidney Lu, chairman and CEO of Foxconn Interconnect Technology, claimed that the partnership would further empower Telangana's growth narrative and Foxconn's expansion in India.
Foxconn produces roughly 70% of Apple's iPhones
On 2 March, Chief Minister K Chandrashekar Rao and Foxconn Chairman Young Liu met to examine the potential for establishing a manufacturing facility in the state. The company, which produces roughly 70% of Apple's iPhones, received 196 acres of land from the Telangana State Industrial Infrastructure Corporation to build its factory.
Foxconn will provide substantial employment for young people
The administration, according to CM KCR, "is on a mission to improve Telangana and has undertaken various landmark projects to actualize the goal of Bangaru Telangana. The company's branch will aid in bringing more of these industries to the state and provide substantial employment for young people.
Liu spoke about the necessity of a resilient supply chain and the crucial role state governments must play in diversifying the electronics manufacturing industry. According to the chief minister, Telangana has attracted significant investment, and the government has successfully executed a new industrial policy.
As Liu also met with Karnataka government officials in the first week of March, it was unclear whether Foxconn would favour Karnataka over Hyderabad. Foxconn later stressed, nevertheless, that they remained committed to funding Telangana.