Foxconn to invest an additional Rs 3,300cr in its Telangana unit

Foxconn Group has revealed plans to infuse an additional Rs 3,300 crore into its upcoming facility in the Telangana unit, bringing its total investments in the region to over Rs 4,550 crore. Building upon Foxconn Chairman Young Liu's visit to Hyderabad in March, during which he inaugurated T-Works and committed to creating 1 lakh jobs in Telangana, the company is further reinforcing its commitment through this 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 unit! 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 filing on the Hong Kong stock exchange. 

Commencing construction at Kongarakalan earlier this year, the company has dedicated a substantial investment of $500 million to the project. Anticipated to initiate production within the upcoming three quarters, this venture is poised to generate 25,000 employment opportunities. A senior state official expressed optimism for increased future investments from the company within the state.

FIT Hon Teng Limited’s Board Chairman Lu Sung-Ching said the board approved the 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 has granted its approval to a $400 million capital injection into Chang Yi Interconnect Technology (India) Private Ltd, as proposed by FIT Singapore. Foxconn, actively engaged in investment endeavors within the regions of Telangana and Karnataka, has unveiled its intention to explore investment opportunities in Tamil Nadu. Earlier this year, Foxconn Technology Group's Chairman, Young Liu, convened meetings with the Chief Ministers of Telangana and Karnataka to deliberate on the company's prospective investments in these states of India.