Electronics major Foxconn Interconnect Technology on Monday (15th May 2023) laid the foundation for a new electronics manufacturing facility in Telangana as part of its USD 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 joint statement by Foxconn and Telangana 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.

* "Demonstrating the 'Telangana Speed', I am happy to announce the groundbreaking of THE first of Foxconn's plants in Telangana at Kongar Kalan today. With an investment of over $500M it shall create 25,000 direct jobs in the first Phase," Rama Rao tweeted.

* Speaking on the occasion, he said there is a need to work in a manner that validates the confidence placed on Telangana by the Foxconn chairman. "…I would like to thank Foxconn company for investing USD 500 million in Telangana," the minister said..

Source : Newsdrum