Apple supplier Foxconn invests $500M in Telangana

Electronics major Foxconn Interconnect Technology on Monday laid the foundation for a new electronics manufacturing facility in Telangana as part of its $500 million investment in the state.

The foundation laying ceremony took place in the presence of Telangana Minister for Industries and Commerce, KT Rama Rao; Foxconn Interconnect Technology Chairman and CEO, Sidney Lu; and other dignitaries, a press release from the state government said.

The proposed electronics manufacturing facility at Kongara Kalan near Telangana is a milestone for the Taiwanese firm's global expansion strategy diversifying its global manufacturing base, it said.

"Demonstrating the 'Telangana Speed', I am happy to announce the groundbreaking of first of Foxconn's plant in Telangana at Kongar Kalaan today. With an investment of over $500M it shall create 25,000 direct jobs in first Phase," Rao tweeted.

Speaking on the occasion, he said there is a need to work as per the confidence that was placed on Telangana by the Foxconn chairman. "I would like to thank Foxconn company for investing $500 million in Telangana," the minister said.

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