Tuesday, April 23, 2024
HomeSocial IconApple Supplier Foxconn Ups Its Investment Proposal In Telangana To $550 Million

Apple Supplier Foxconn Ups Its Investment Proposal In Telangana To $550 Million

Foxconn, based in Taiwan, has announced plans to “add another $400 million” to their investment in India. The largest supplier to Apple is likely to use the new Kongarkalan factory to produce AirPods and other electronic accessories. As part of its USD 500 million investment in Karnataka, the business had laid the foundation for a new electronics manufacturing facility in May of this year.

According to FIT Hon Teng’s Friday disclosure to the Hong Kong Stock Exchange, “FIT Singapore’s proposal to make a capital injection of US$ 400,000,000 to Chang Yi Interconnect Technology (India) Private Limited, which is held by FIT Singapore as to 99.99 per cent of the capital stock.”

Moving really quickly, Telangana! Another US$400M is on the way, claimed V Lee, a spokesperson of Foxconn India, on social media.

We continue to uphold our connection with Foxconn Group by keeping our promises to one another. FIT is prepared to fulfill its pledges in Telangana with a total investment of $550m (plus prior $150m). Telangana Minister for IT and Industries KT Rama Rao responded, “This once again demonstrates Telangana Speed.

Senior officials from Foxconn Technology Group, including chairman Young Liu, met with Telangana Chief Minister K Chandrasekhar Rao earlier this year.

According to reports, the electronics giant will invest $350 million and create 12,000 jobs in a new Karnataka facility to produce iPhone case components. Additionally, a March Reuters report citing unnamed sources claimed that Foxconn had been awarded a contract to manufacture Apple’s AirPods and had plans to erect a factory in India to manufacture the wireless headphones.

(With help from organizations)