The Board of Directors of FIT Hon Teng Ltd (Foxconn) has given its approval for a USD 400 million investment in the Indian state of Telangana, according to a statement by V Lee, the representative of Foxconn India, on a social media post.
Foxconn, a Taiwan-based contract manufacturer, is renowned as Apple's largest supplier.
In an announcement submitted to the Hong Kong Stock Exchange on Friday, FIT Hon Teng conveyed, "FIT Singapore intends to inject a capital sum of USD 400,000,000 into Chang Yi Interconnect Technology (India) Private Limited, in which FIT Singapore holds 99.99 per cent of the capital stock."
Sharing this information on his social media account, Foxconn's representative in India V Lee expressed, "Telangana is making rapid strides! Another USD 400 million is on its way."
Responding to V Lee's post, Telangana's Minister for IT and Industries, KT Rama Rao, tweeted on Saturday, stating that this new investment proposal is an addition to the earlier commitment of USD 150 million.
"Our friendship with Foxconn Group remains steadfast, each of us delivering on mutual commitments. With total infusement of $550m (adding previous $150m), FIT is poised to deliver on its promises in Telangana. This once again proves Telangana Speed," Rama Rao tweeted on X.
Back in May, Foxconn Interconnect Technology, a significant player in the electronics industry, laid the foundation for a new electronics manufacturing facility in Telangana, as part of its investment plans in the region.
The proposed electronics manufacturing facility, located near Kongara Kalan, is a significant step in the Taiwanese company's global expansion strategy aimed at diversifying its manufacturing base across the world, as stated in a previous press release. The facility is set to serve as a central hub for Foxconn Interconnect Technology's activities in Telangana, enabling the company to enhance its production capacity.
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