Apple supplier Foxconn ups its investment proposal in Telangana to $550 mn

The Board of Administrators FIT Hon Teng Ltd (Foxconn) accredited the funding of USD 400 million in Telangana, V Lee, Foxconn India consultant mentioned in a social media submit.

Taiwan-based contract producer Foxconn is Apple’s largest provider.

“FIT Singapore’s proposal to make a capital injection of US$ 400,000,000 to Chang Yi Interconnect Expertise (India) Non-public Restricted, which is held by FIT Singapore as to 99.99 per cent of the capital inventory,” FIT Hon Teng knowledgeable the Hong Kong Inventory Alternate on Friday.

Posting the corporate’s disclosure on his social media deal with, V Lee mentioned “Transferring so quick, Telangana! One other US$400M is coming.”

Reacting to V Lee’s submit, Telangana Minister for IT and Industries KT Rama Rao tweeted on Saturday saying the recent funding proposal is along with the already dedicated USD 150 million earlier.

“Our friendship with Foxconn Group stays steadfast, every of us delivering on mutual commitments. With whole infusement of $550m (including earlier $150m), FIT is poised to ship on its guarantees in Telangana. This as soon as once more proves Telangana Pace,” Rama Rao tweeted on X.

Electronics main Foxconn Interconnect Expertise in Could laid the muse for a brand new electronics manufacturing facility in Telangana as a part of its USD 500 million funding within the state.

The proposed electronics manufacturing facility at Kongara Kalan close to here’s a milestone for the Taiwanese agency’s international enlargement technique diversifying its international manufacturing base, a press launch had earlier mentioned.

The proposed facility will function a hub for Foxconn Interconnect Expertise’s operations in Telangana permitting the agency to increase its manufacturing capability, it mentioned.

Earlier this 12 months, Foxconn Expertise Group chairman Younger Liu alongside together with his senior officers met Telangana Chief Minister Ok Chandrasekhar Rao right here.

(Solely the headline and film of this report might have been reworked by the Enterprise Customary workers; the remainder of the content material is auto-generated from a syndicated feed.)

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