In a huge step for Telangana’s industrial sector, Foxconn is planning to invest an extra $400 million in the state, marking their second significant investment in the region. Industries and IT Minister KT Rama Rao made the statement on X (previously Twitter), emphasizing the company’s commitment to fulfilling its promises to Telangana.
With this new investment, Foxconn’s overall financial contribution to the state would approach $550 million, highlighting Telangana’s tremendous development pace. KT Rama Rao underlined the state’s speed, saying, “This once again proves Telangana Speed.”
V Lee, Foxconn’s representative in India, also used LinkedIn to announce the forthcoming investment, hailing Telangana’s swift success. “Moving so fast, Telangana!” he wrote. Another $400 million is on the way.”
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 pic.twitter.com/DOssnhmyRo
— KTR (@KTRBRS) August 12, 2023
This declaration follows Foxconn’s prior commitment in May, when the company pledged to invest more than $500 million in Telangana to construct the state’s first manufacturing plant. This project is estimated to create approximately 25,000 direct work opportunities.
The timely building progress of Foxconn’s manufacturing plant at Kongara Kalan, located on the outskirts of Hyderabad, has pleased Minister KT Rama Rao, underlining the company’s and the state’s authorities’ productive collaboration.
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