Foxconn boosts Telangana investment by $400m: Total commitment now at $550m

Taiwan-based electronics manufacturing giant Foxconn, best known as Apple’s primary supplier, is upping its investment game in Telangana, India. The firm’s board at FIT Hon Teng Ltd (Foxconn) recently greenlit a $400 million capital injection. This move comes as a confirmation of their earlier announcement to the Hong Kong Stock Exchange, where the company stated their intent to infuse “US$ 400,000,000 to Chang Yi Interconnect Technology (India) Private Limited.” Notably, this subsidiary is held by FIT Singapore at an overwhelming 99.99% of the capital stock.

The news of this latest investment was unveiled by V Lee, Foxconn India’s representative, on social media, exclaiming, “Moving so fast, Telangana! Another US$400M is coming.” Responding to Lee’s enthusiasm, Telangana’s Minister for IT and Industries, KT Rama Rao, highlighted that this fresh investment is an addition to the previously pledged $150 million. “Our friendship with Foxconn Group remains steadfast. With a total investment of $550 million, FIT is set to fulfill its commitments in Telangana,” he tweeted.

It’s crucial to note that Foxconn has been significantly involved in Telangana’s electronics sector. In May, Foxconn Interconnect Technology set the groundwork for an electronics manufacturing facility in the region, marking a critical phase of its $500 million commitment to the state. This facility, situated at Kongara Kalan, is touted as a cornerstone of Foxconn’s global expansion, offering a diversified manufacturing base. As per earlier reports, this establishment will bolster Foxconn Interconnect Technology’s operations in Telangana, granting the company a chance to ramp up its production capabilities.

This series of investments further solidifies Foxconn’s relationship with Telangana. Earlier in the year, Foxconn Technology Group’s chairman, Young Liu, and senior officials had productive discussions with Telangana’s Chief Minister, K Chandrasekhar Rao. With these financial commitments and strategic partnerships, Telangana is fast emerging as a hotspot for global electronics manufacturing endeavors.