Electronics major Foxconn Interconnect Technology laid the foundation on Monday for a new electronics manufacturing facility in Telangana as part of its $500 million investment in the state.
The foundation-laying ceremony took place in the presence of Telangana Minister for Industries and Commerce K T Rama Rao, Foxconn Interconnect Technology Chairman and CEO Sidney Lu, and other dignitaries, a press release from the state government said.
The proposed electronics manufacturing facility at Kongara Kalan near here is a milestone for the Taiwanese firm's global expansion strategy, diversifying its global manufacturing base, it said.
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"Demonstrating the 'Telangana Speed', I am happy to announce the groundbreaking of first of Foxconn's plants in Telangana at Kongar Kalaan today. With an investment of over $500M it shall create 25,000 direct jobs in first Phase," Rama Rao tweeted.
Speaking on the occasion, he said there is a need to work as per the confidence that was placed in Telangana by the Foxconn chairman... I would like to thank Foxconn company for investing $500 million in Telangana", the minister said.
The proposed facility will serve as a hub for Foxconn Interconnect Technology's operations in Telangana, allowing the firm to expand its production capacity, it said.
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