Apple supplier Foxconn hikes investment proposal in Telangana to $550 million

FIT Hon Teng's disclosure to the Hong Kong Stock Exchange on August 11 outlined the plan to invest $400 million in Chang Yi Interconnect Technology (India) Private Limited, held by FIT Singapore. V Lee shared the update on social media, celebrating Telangana's progress and the incoming investment.

Aug 12, 2023 - 21:08
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Apple supplier Foxconn hikes investment proposal in Telangana to $550 million
Apple supplier Foxconn hikes investment proposal in Telangana to $550 million

The Board of Directors of FIT Hon Teng Ltd (Foxconn) has approved a $400 million investment in Telangana, as confirmed by Foxconn India representative V Lee. Foxconn is a key supplier for Apple.

FIT Hon Teng's disclosure to the Hong Kong Stock Exchange on August 11 outlined the plan to invest $400 million in Chang Yi Interconnect Technology (India) Private Limited, held by FIT Singapore. V Lee shared the update on social media, celebrating Telangana's progress and the incoming investment.

Reacting to V Lee's post, Telangana Minister for IT and Industries KT Rama Rao tweeted on August 12 saying the fresh investment proposal is in addition to the already committed $150 million earlier. "Our friendship with Foxconn Group remains steadfast, each of us delivering on mutual commitments. With total infusement of $550m (adding previous $150m), FIT is poised to deliver on its promises in Telangana. This once again proves Telangana Speed," Rama Rao tweeted on X.

Electronics major Foxconn Interconnect Technology in May laid the foundation for a new electronics manufacturing facility in Telangana as part of its $500 million investment in the state. The proposed electronics manufacturing facility at Kongara Kalan near here is a milestone for the Taiwanese firm's global expansion strategy diversifying its global manufacturing base, a press release had earlier said.

The proposed facility will serve as a hub for Foxconn Interconnect Technology's operations in Telangana allowing the firm to expand its production capacity, it said. Earlier this year, Foxconn Technology Group chairman Young Liu along with his senior officials met Telangana Chief Minister K Chandrasekhar Rao here.