Taiwanese electronics giant Foxconn has announced that it will be investing an additional Rs 3,300 crore in its manufacturing facility in Telangana. This will take the total investment of the company in the state to more than Rs 4,550 crore.
The upcoming unit, being set up by Foxconn Interconnect Technology Ltd (FIT), will manufacture Apple accessories and is located at Kongara Kalan on the outskirts of Hyderabad. The board of FIT has given its approval for the infusion into Chang Yi Interconnect Technology Pvt Ltd, the subsidiary setting up the project.
Foxconn’s representative in India, V Lee, confirmed the news on LinkedIn, stating “Moving so fast, Telangana! Another US$400M is coming…” along with a screenshot of the FIT filing with the Hong Kong stock exchange.
Foxconn has also signed an agreement to invest Rs 1,600 crore ($194 million) in a new electronics components manufacturing facility in Tamil Nadu that will create 6,000 jobs.
Foxconn Industrial Internet will set up a new factory in Kancheepuram district near Chennai. Foxconn already has a huge facility near Chennai where it assembles Apple’s iPhones and employs more than 35,000 people.
The Taiwanese tech giant plans to expand its operations in India as it looks to set up a supply chain outside China.
Foxconn chairman Young Liu had visited India recently to attend the SemiconIndia 2023 event hosted for global semiconductor companies that was inaugurated by Prime Minister Narendra Modi in Gandhinagar recently.
PM Modi said at the event that India is ready to emerge as a trusted partner for the semiconductor industry for setting up a chip manufacturing hub in the country to supply the world. The Prime Minister rolled out the red carpet for the global tech giants who are looking to set up alternative supply chains outside China.
He highlighted the increased incentive under the Semicon India Programme. He elaborated that now technology firms will be given 50 percent financial assistance to set up semiconductor manufacturing facilities in India. “We are continuously carrying out policy reforms to accelerate the growth of the country’s semiconductor sector”, PM Modi said.
Speaking at the event, the Foxconn chairman said, “I can feel the determination of the Indian government. I am very optimistic of where it’s headed.”
The Foxconn chairman highlighted the buffalo spirit of the Taiwan Semiconductor Industry, which is the ability to work hard without complaining and said that the same spirit can be applied in India.