Foxconn To Funnel Rs 3,300 crore in Telangana unit

Foxconn Group, a Taiwanese electronics contract manufacturer, will invest an additional $400 million in its new manufacturing facility in Telangana. This will bring the group's overall investment in Telangana to over Rs 4,550 crore.

The FIT board has approved the investment into the subsidiary Chang Yi Interconnect Technology (India) Pvt Ltd, which is responsible for establishing the Apple accessories plant near Hyderabad.

"Moving so fast, Telangana! Another US$400M is coming..." Foxconn's representative in India V Lee posted on LinkedIn along with a screenshot of the FIT Hon Teng Ltd (as FIT is known) filing on the Hong Kong stock exchange.

The increase in investment happened just six months after Foxconn chairman Young Liu visited Hyderabad and committed to creating 1 lakh jobs in Telangana during the inauguration of T-Works.

Sharing Lee's post, minister KT Rama Rao too posted on X, formerly known as Twitter, on Saturday. "Our friendship with the Foxconn Group remains steadfast, each of us delivering on mutual commitments. With total infusement of $550 million, FIT is poised to deliver on its promises. This proves Telangana speed," KTR said.

IT principal secretary Jayesh Ranjan confirmed land has been given by the government to Chang Yi Interconnect. He said: "They had not got their board approvals at that time. Now they have got it. The groundbreaking was done for an investment of $150 million and they have added $400 million more."