Hyderabad: Foxconn Group has announced the addition of further Rs 3,300 crore investments in its forthcoming plant in Telangana. With this, the group will have invested more than Rs 4,550 crore in Telangana overall. Following Foxconn Chairman Young Liu’s March visit to Hyderabad, when he opened T-Works and promised to generate 1 lakh jobs in Telangana, the company has added its investment.
The board of Foxconn Interconnect Technology Ltd (FIT) has approved the infusion into its subsidiary, Chang Yi Interconnect Technology Pvt Ltd, which is implementing the project.
“Moving so fast, Telangana! Another US$400M is coming.” Foxconn’s representative in India, V Lee, posted on LinkedIn a long with a screenshot of the FIT Hon Teng Ltd filing on the Hong Kong stock exchange.
The company, which kicked off the construction work at Kongarakalan near here in May this year, pledged an investment of $500 million for the project. The project, which would commence production in the next three quarters, is expected to provide 25,000 jobs. A top official of the State government said that they hoped that the company would invest more in the State.
FIT Hon Teng Limited’s Board Chairman Lu Sung-Ching said the board approved company’s proposal to make a capital injection of $500 million to Foxconn Interconnect Technology Singapore Pvt Ltd, which is a wholly-owned subsidiary of the company.
The board also approved a proposal by FIT Singapore’s proposal to make a capital infusion of $400 million to Chang Yi Interconnect Technology (India) Private Ltd. Foxconn, which is on an investment spree in the States of Telangana and Karnataka, has recently announced that it would consider investments in Tamil Nadu. Early this year, Foxconn Technology Group Chairman Young Liu met with the Chief Ministers of Telangana and Karnataka to discuss the company’s proposed investments in the two States.
