Published on: Tuesday, 16 May 2023 ● 2 Min Read
Taiwanese contract manufacturing giant Foxconn performed the groundbreaking of its new electronics manufacturing facility, K.T. Rama Rao Minister For Telangana`s IT and Industries announced that the first of the Foxconn plants in the state will come up in 196 acres of land at Kongara Kalan on the outskirts of Hyderabad. with an investment of over $500 million and it will also boost employment by creating 25,000 direct jobs in the intial phase.
The groundbreaking took place in the presence of Rama Rao and Foxconn Interconnect Technology Chairman & CEO Sidney Lu at Kongara Kalan, about 35 km from Hyderabad.
"The partnership and collaboration between Government of Telangana and Foxconn Interconnect Technology in making this project a reality will further embolden Telangana`s growth story as well as Foxconn Interconnect Technology`s growth in India. The Government of Telangana and Foxconn Interconnect Technology are confident that this investment will not only benefit Foxconn Interconnect Technologya¿s business, but also contribute to the overall economic prosperity of the region."
Over the last nibe years, Telangana has emerged as one of the most dynamic and forward-looking States and has cemented its position as the most preferred investment destination for high tech manufacturing in India.
The proposed investment from Foxconn Interconnect Technology further validates Government of Telangana`s efforts towards building a conducive ecosystem and enabling infrastructure for supporting the global electronics manufacturing industry, added the statement.
Young Liu, chairman, Hon Hai Precision Industry Co. Ltd (Foxconn Technology Group) had visited Hyderabad on March 2.
He had called on Chief Minister K. Chandrasekhar Rao and during the meeting a Memorandum of Understanding (MoU) was signed.
The Telangana government had announced that Foxconn will set up a manufacturing facility in Telangana with employment generation potential for over one lakh people.A
The government had stated that the historic deal has potential to generate employment to over one lakh people over a period of 10 years.
Later, Young Liu had sent a letter to the Chief Minister stating that Foxconn is committed to setting up a manufacturing facility in Telangana.
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