Apple i-Phone maker Foxconn and the government of Telangana have announced that the Taiwanese company will invest around ₹ 4,112 crore to set up a new plant at Kongara Kalan on the outskirts of Hyderabad. The Telangana government has promised that the new facility will create about 25,000 jobs in the first phase. Officials also said that the this deal has a potential to create employment for over one lakh people over 10 years.
The production is also expected to start by the end of this year. As per the joint statement by Foxconn and the government of Telangana, the new facility promises to deliver 'world-class products' to the markets. This hub will also function as a hub for Foxconn Interconnect Technology’s operations in Telangana, adding to its production capacity in India.
The Telangana State Industrial Infrastructure Corporation has allocated 196 acres of land to Foxconn to set up its facility. On 2nd March, Foxconn's chairman Young Liu met Chief Minister K Chandrashekar Rao and discussed the possibility of setting up a manufacturing facility in the state.