Foxconn Technology Group plans to invest about $700 million on a new plant in India to ramp up local production, says a report
Taiwanese electronics giant Foxconn will set up its manufacturing facility in Telangana, even as Hon Hai Technology Group (Foxconn) and the state government have signed an agreement. The plant will have an employment generation potential for over 1,00,000 people.
Foxconn Chairman Young Liu on Thursday called on Telangana Chief Minister K Chandrashekar Rao. According to a statement by the Chief Minister’s Office, the “historic deal” has potential to generate employment to over one lakh people over a period of 10 years.
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According to a Bloomberg report, Apple Inc partner Foxconn Technology Group plans to invest about $700 million on a new plant in India to ramp up local production.
The CM said his “government is on a mission to transform Telangana for better and has undertaken several marquee projects to realise the vision of Bangaru Telangana. Foxconn’s unit will help in generating large scale employment to youth and will help attract more such industries to the state”. Rao emphasised that Telangana considers Taiwan as a natural partner and that the state is glad to be a part of Foxconn’s growth story.
He called Foxconn’s huge investment and the opportunity to create more than one lakh jobs like never before in Telangana ‘commendable.’ The Chief Minister further said steps will be taken to ensure that one lakh jobs are available to the state’s youth and assured Young Liu that his government will provide necessary support to Foxconn for its operations in the state.
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The Foxconn Chairman lauded the friendly industrial development eco system created in Telangana and expressed happiness over the progress achieved by the state in the industrial sector, especially in IT and related electronics sectors, in just eight years.
Rao hosted lunch for the Young Liu and his team.
Later in the evening, Liu along with Telangana Minister KT Rama Rao inaugurated T Works a prototyping facility here. Speaking to reporters, Liu said his company is looking at sites and is currently evaluating the kind of products to be made in Telangana.
The amount of investment depends on the products they plan to make.
(With Inputs From Agencies)
