The board of directors of Foxconn Interconnect Technologies has ratified the company’s investment of $400 million into its Telangana project, taking the total commitment to $550 million. The company informed the board’s decision to the Hong Kong Stock Exchange on Friday.
“Our friendship with Foxconn Group remains steadfast, each of us delivering on mutual commitments. With a total investment of $550m (adding the previously announced $150m), FIT is poised to deliver on its promises in Telangana,” Telangana IT and Industries Minister K T Rama Rao has said in a tweet.
This once again proves Telangana SpeedThe company is likely to manufacture AirPods, along with other digital peripherals at its Kongarkalan facility near here.
“Moving so fast, Telangana. Another $400 million is coming,” V Lee, Foxconn’s representative in India announced on his LinkedIn wall, sharing FIT Hon Teng Limited’s ‘voluntary announcement’ that the company made to the Hong Kong bourse.
“Yes. It is true,” Rama Rao confirmed, replying to a query from businessline on the additional investment by Foxconn Friday evening.
The company, which kicked off the construction work at Kongarakalan near here in May this year, pledged an investment of $500 million for the project. The project, which would commence production in the next three quarters, is expected to provide 25,000 jobs. A top official of the State government said that they hoped that the company would invest more in the State.
FIT Hon Teng Limited’s Board Chairman Lu Sung-Ching said the board approved company’s proposal to make a capital injection of $500 million to Foxconn Interconnect Technology Singapore Pte Ltd, which is a wholly-owned subsidiary of the company.
The board also approved a proposal by FIT Singapore’s proposal to make a capital infusion of $400 million to Chang Yi Interconnect Technology (India) Private Ltd.
Foxconn, which is on an investment spree in the States of Telangana and Karnataka, has recently announced that it would consider investments in Tamil Nadu.
Early this year, Foxconn Technology Group Chairman Young Liu met with the Chief Ministers of Telangana and Karnataka to discuss the company’s proposed investments in the two States.