Foxconn’s $500 Mn Investment In Telangana To Create 25,000 Jobs

Apple supplier Foxconn has said it will invest over USD 500 million in Telangana which will create 25,000 direct jobs in the first phase.

On Monday, Foxconn performed the groundbreaking of its new electronics manufacturing facility at Kongar Kalaan near Hyderabad. The first phase of its Electronics Manufacturing Facility is expected to complete in 9-12 months.

In a joint statement, Foxconn and the Telangana government said that the new facility will deliver world-class products to the markets as Foxconn diversifies its global manufacturing base.

Foxconn’s chairman Young Liu had visited Hyderabad on 2 March and called on Minister K Chandrasekhar Rao. During the meeting, a Memorandum of Understanding (MoU) was signed.

Telangana government at the time said the deal could potentially create employment opportunities for more than one lakh people over a 10-year period.

The announcement of USD 0.5 billion in Telangana comes as Apple looks to shift its manufacturing and assembly base away from China.

In March, Foxconn also received an approval from Karnataka for a USD 968 million investment.

Earlier on Monday, it was reported that Tata Group will soon become Apple’s fourth iPhone contract manufacturer in India after the acquisition of Wistron Corp’s factory in Bengaluru.