Taiwan-based Foxconn proposes to invest additional $400 million in Telangana

Taiwan-based Foxconn, which is Apple's biggest supplier, has revealed its plans to increase its investment capacity by another $400 million or Rs 3,338 crore in Telangana.

According to reports, the Taiwanese company will consider using the upcoming Kongarkalan facility for the manufacture of AirPods and other digital accessories for consumers. 

"…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," FIT Hon Teng informed the Hong Kong Stock Exchange on Friday. “Moving so fast, Telangana! Another US$400M is coming," wrote Foxconn India representative V Lee on a Linkedin post.

Industries Minister KT Rama Rao responded positively to the announcement, emphasizing the strong bond between Foxconn Group and the Telangana state. He highlighted the swift actions of both parties, with Foxconn's total investment now reaching $550 million, including the previous $150 million.

Also Read:

• Ola Electric rival Ather Energy aiming to capture 30% market share by FY24 end