Foxconn Announces Additional Capital Of $400 Million In Telangana

Taiwan-based electronics major Foxconn Interconnect Technology today announced that it would invest another $400 million in Telangana in addition to the investments announced earlier this year.

On May 15 of this year, the Foxconn group already laid the foundation stone for its new electronics manufacturing facility at Kongara Kalan in Hyderabad as part of its $500-million investment in Telangana.

"Moving so fast, Telangana. Another $400 million is coming," V Lee, Foxconn's representative in India, shared on the social media.

He also shared a voluntary announcement copy of the FIT Hon Teng Limited, in which FIT Hon Teng Limited's Board Chairman Lu Sung-Ching said that the Board had approved the company's proposal to make a capital injection of $500 million into Foxconn Interconnect Technology, Singapore, which is a wholly-owned subsidiary of the company.

The Board also approved FIT Singapore's proposal to make a capital infusion of $400 million to Chang Yi Interconnect Technology (India) Private Limited.

Responding to the decision taken by the Foxconn Group, Minister for IT and Industries K T Rama Rao said that the FIT was poised to deliver on its promise in the State.

"Our friendship with Foxconn Group remains steadfast, each of us delivering on mutual commitments. With a total infusement of $550 million (adding previous $150), FIT is poised to deliver on its promises in Telangana. This once again proves Telangana's speed (sic)," KTR tweeted.