Foxconn Interconnect Technology, the Taiwanese electronics giant, has started the construction of a new manufacturing plant in Telangana, India, as part of its ambitious $500 million investment plan for the state.
Known as the world’s largest contract manufacturer, Foxconn has been producing devices for major companies like Apple, Xiaomi, and Sony through its existing factories in India.
The decision to expand its manufacturing presence in India is driven by the country’s rapid growth in the electronics manufacturing sector, which has seen strong sales.
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The foundation laying ceremony took place in Hyderabad, with the presence of K T Rama Rao, the Telangana Minister for Industries and Commerce, Sidney Lu, Chairman and CEO of Foxconn Interconnect Technology, and other officials.
The new facility, situated at Kongara Kalan near Hyderabad, is integral to Foxconn’s expansion strategy.
The state government stated that the proposed electronics manufacturing plant will serve as a hub for the company’s operations in Telangana, allowing it to enhance its production capacity.
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In a tweet, Minister Rama Rao expressed his enthusiasm, highlighting that the groundbreaking of Foxconn’s first plant in Telangana signifies the state’s fast-paced progress.
Rama Rao tweeted: “Demonstrating the “Telegane Speed’, I am happy to announce the groundbreaking of first of Foxconn’s plants in Telegana at Kongarar Kalan today. With an investment of over $500 million, it shall create 25,000 direct jobs in the first phase.”
The initial phase of the project is expected to generate 25,000 direct job opportunities, with an investment exceeding $500 million.
Acknowledging the trust and confidence placed in Telangana by Foxconn’s chairman, Rama Rao emphasized the importance of working in alignment with the company’s vision.
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He expressed gratitude to Foxconn for choosing to invest in Telangana, recognizing the significance of such partnerships for the state’s economic development.
Foxconn is not the only Taiwanese company venturing into the Indian market. Another major player, Pegatron, has also established a presence in the country.
These global contract manufacturers are capitalizing on the Indian government’s “Make in India” program, which aims to promote domestic manufacturing.
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Additionally, production-linked incentives have been introduced to incentivize companies to invest in India, making it an attractive destination for electronics manufacturing.
With its substantial investment and commitment to job creation, Foxconn’s expansion in Telangana highlights the company’s confidence in India’s growing electronics market.
The new manufacturing facility is expected to bolster the state’s economy while further solidifying India’s position as a prominent player in the global electronics manufacturing industry.
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