Foxconn: 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. The ground-breaking ceremony was attended by Foxconn executives and Telangana Industries Minister K T Rama Rao. Foxconn would invest $500 million, according to Telangana government officials, and generate 25,000 direct jobs. By the end of the year, the company might begin production.
Telangana government and Foxconn aim to provide employment for a lakh people with new facility
The Telangana government and Foxconn stated in a joint statement that the new facility promises to keep supplying markets with top-quality products and is a significant step for the business’s worldwide expansion strategy of broadening its global manufacturing base. Over the course of ten years, the transaction, according to officials, has the potential to employ more than a lakh 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 Foxconn branch will aid in bringing more of these industries to the state and in providing substantial employment for young people.’
Must Read: Thailand’s Opposition Parties Triumph Over Military Rule in Sensational Election Results
Foxconn to Expand Its Manufacturing Base in India with New Facility in Telangana
Sidney Lu, chairman & CEO of Foxconn Interconnect Technology, claimed that the partnership would further empower Telangana’s growth narrative and Foxconn’s expansion in India. On March 2, Chief Minister K Chandrashekar Rao and Foxconn Chairman Young Liu met to examine the potential for a manufacturing facility to be established in the state. Foxconn, which produces roughly 70% of Apple’s iPhones, received 196 acres of land from the Telangana State Industrial Infrastructure Corporation to build its factory. Liu spoke about the necessity of a resilient supply chain and the crucial part that state governments must play in the diversification of 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.
Must Read: NIA Raids Underway in Jammu and Kashmir, Crack Down on Terror Financing and Conspiracy Being Probed
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER