Apple Supplier Foxconn Bets Big on India with $550 Million Investment

The new investment will be used to set up a manufacturing facility in Telangana that will produce AirPods and other digital peripherals.

New Delhi: Foxconn, the world’s largest contract electronics manufacturer and Apple’s biggest supplier, has approved an investment of $400 million in Telangana. This is in addition to the $500 million investment that Foxconn announced in May 2023. The new investment will be used to set up a manufacturing facility in Telangana that will produce AirPods and other digital peripherals, news agency PTI reported.

V Lee, Foxconn’s India representative, said in a social media post that the company is “moving so fast” in Telangana. He added that another $400 million investment is coming. The investment from Foxconn is a major boost for Telangana’s electronics manufacturing sector. The state has been trying to attract investment from global electronics companies in recent years. The new investment from Foxconn is expected to create thousands of jobs in Telangana.

Proposal From FIT Singapore

FIT Singapore’s proposal to make a capital injection of US$ 400,000,000 to Chang Yi Interconnect Technology (India) Private Limited, which is held by FIT Singapore as to 99.99 per cent of the capital stock,” FIT Hon Teng informed the Hong Kong Stock Exchange on Friday.

Posting the company’s disclosure on his social media handle, V Lee said “Moving so fast, Telangana! Another US$400M is coming.” Reacting to V Lee’s post, Telangana Minister for IT and Industries KT Rama Rao tweeted on Saturday saying the fresh investment proposal is in addition to the already committed USD 150 million earlier.

“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.

Proposed Electronics Manufacturing Facility At Kongara Kalan

Electronics major Foxconn Interconnect Technology in May laid the foundation for a new electronics manufacturing facility in Telangana as part of its investment in the state. The proposed electronics manufacturing facility at Kongara Kalan near here is a milestone for the Taiwanese firm’s global expansion strategy diversifying its global manufacturing base, a press release had earlier 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. Earlier this year, Foxconn Technology Group chairman Young Liu along with his senior officials met Telangana Chief Minister K Chandrasekhar Rao here.

(With PTI Inputs)

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