Foxconn the partner company of Apple , has decided to invest $500 million to
set up manufacturing plants in the state of Telangana, which is a part of their
plan of expansion its base in South Asian market. Foxconn in late March
received approval from the Karnataka government for a $968 million
investment in the southern state.
K.T. Rama Rao , through his official twitter handle tweeted “ Demonstrating
the “Telangana Speed”, I am happy to announce the ground-breaking 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”.
Reuters in March reported that Foxconn had won an order to make AirPods for
Apple and structured to setup a factory in India to manufacture its AirPods.
Land worth of $37 million was also brought in Bengaluru earlier in May itself
too. As Apple has been shifting production away from China , where prior
COVID restrictions halted the manufacturing of new iPhones and it’s
components. The tech company is escaping the tensions between Washington
and Beijing due to COVID instabilities.
- Tweet by K.T. Rama Rao , IT minister , Telangana after Foxconn and the State agrees on the $500 million investment in Telangana.
Hon Hai Technology Group also known as Foxconn, has been leading in
providing technological solutions, Hon Hai , the Head of the company said that
“India has now reached a population of 1.4 billion , translating into a large
potential market for mid-to-high-end products”, and as labor costs in India has
its advantages, he will also continue to apply for government incentives , to
increase its market presence and become a blue-chip stock. As PM Narendra
Modi’s plans of raising local manufacturing have attracted positive
commitments from Foxconn.
