edited by: Mohammad Haris
Last Update: March 03, 2023, 15:21 IST
Foxconn’s investment and the opportunity to create over a million jobs. (Photo: Foxconn)
Foxconn Technology Group is planning to invest around $700 million on a new plant in India to increase local production, says a report
Taiwanese electronics giant Foxconn will set up its manufacturing facility in Telangana as Hon Hai technology The group (Foxconn) and the state government have signed an agreement. The plant will have the potential to generate employment for over 1,00,000 people.
Foxconn Chairman Young Liu met Telangana Chief Minister K Chandrasekhar Rao on Thursday. According to a statement from the chief minister’s office, the “historic deal” has the potential to generate employment for over one lakh people over a period of 10 years.
according to a Bloomberg Apple Inc partner Foxconn Technology Group plans to invest around $700 million on a new plant in India to ramp up local production, the report said.
The CM said that his “Government is on a mission to make Telangana better and has taken up several important projects to realize the vision of Bangaru Telangana. The Foxconn unit will help generate large scale employment to the youth and this This will help attract more industries to the state. Rao stressed that Telangana considers Taiwan a natural partner and the state is happy to be a part of Foxconn’s growth story.
He described Foxconn’s huge investment and the opportunity to create over one lakh jobs in Telangana as ‘commendable’. The chief minister further said that steps would be taken to ensure that one lakh jobs are available to the youth of the state and assured Young Liu that his government would provide necessary support for Foxconn’s operations in the state.
The Foxconn Chairman appreciated the conducive industrial development eco-system that Telangana has created and expressed happiness over the progress achieved by the state in the industrial sector, especially in the IT and related electronics sectors, in just eight years.
Rao hosted a lunch for Young Liu and his team.
Later in the evening, Liu along with Telangana minister KT Rama Rao inaugurated a prototype facility of Tea Works here. Speaking to reporters, Liu said that his company is looking at the sites and evaluating the products currently being manufactured in Telangana.
The quantum of investment depends on the products they are planning to manufacture.
(with inputs from agencies)
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