New Delhi: Taiwanese contract manufacturer Foxconn, which also supplies products for Apple, will invest USD 500 million to set up manufacturing plants in Telangana, state minister K.T. Rama Roa said on Monday.
The investment will create 25,000 jobs in the first phase, the minister for Commerce and IT said in a tweet.
“I am happy to announce the groundbreaking of first of Foxconn’s plants in Telangana at Kongar Kalaan today. With an investment of over $500M it shall create 25,000 direct jobs in first Phase (sic),” Rao tweeted.
The announcement comes amid reports that technology giant Apple is working towards shifting some of its iPhone production out of China, especially to India and Vietnam, after severe supply disruptions due to strict curbs in China following its zero-COVID policy.
A joint statement by Telangana and Foxconn Interconnect Technology said the proposed electronics manufacturing facility – being set up in Kongara Kalan — will serve as a hub for Foxconn Interconnect Technology’s operations in the state, allowing the company to expand its production capacity.
“The Government of Telangana and Foxconn Interconnect Technology are confident that this investment will not only benefit Foxconn Interconnect Technology’s business, but also contribute to the overall economic prosperity of the region,” it said.
The statement added that over the last nine years, Telangana has emerged as one of the most dynamic and forward-looking states and has cemented its position as the most preferred investment destination for high tech manufacturing in India.
“The proposed investment from Foxconn Interconnect Technology further validates Government of Telangana’s efforts towards building a conducive ecosystem and enabling infrastructure for supporting the global electronics manufacturing industry,” the statement added.
Also read: India to reopen process for $10 billion in chip incentives, reports Bloomberg News