The new electronics production facility at Kongar Kalaan, close to Hyderabad, was officially opened by Taiwanese contract manufacturing giant Foxconn. According to Telangana's IT and Industries Minister K.T. Rama Rao, the first Foxconn plant in the state will cost more than $500 million to build and will initially employ 25,000 people directly.
At Kongara Kalan, which is around 35 km from Hyderabad, the groundbreaking ceremony was attended by Rama Rao and Sidney Lu, chairman and CEO of Foxconn Interconnect Technology. According to a joint statement from the Telangana government and Foxconn, the new facility represents a pledge to keep supplying the markets with top-quality goods and a significant step in the company's global expansion strategy to diversify its global production base. "Foxconn Interconnect Technology has been able to invest and develop in the State thanks to the government of Telangana's
continuous dedication to establishing a positive economic climate. For Foxconn Interconnect Technology's activities in Telangana, the proposed facility will act as a hub, enabling Foxconn Interconnect Technology to increase its production capacity, the company claimed.
"The cooperation and partnership between the Government of Telangana and Foxconn Interconnect Technology in realising this project would further boost the development of both Foxconn Interconnect Technology and Telangana in India. Both the Telangana government and Foxconn Interconnect Technology are convinced that this investment will help the area's economy as a whole as well as Foxconn Interconnect Technology's particular operations.
Telangana has established itself as one of the most progressive and forward-thinking States in recent years, solidifying its position as the top investment location for high-tech manufacturing in India. The proposed investment from Foxconn Interconnect Technology further confirms the government of Telangana's efforts to create a supportive ecosystem and supporting infrastructure for the international electronics manufacturing industry. On March 2, Young Liu, the chairman of the Foxconn Technology Group's Hon Hai Precision Industry Co. Ltd., visited Hyderabad.
A Memorandum of Understanding (MoU) was inked during his meeting with Chief Minister K. Chandrasekhar Rao. The Telangana government had previously declared that Foxconn would establish a manufacturing facility there, with the potential to create over one lakh jobs. The historic agreement, according to the government, has the potential to create jobs for more than 1 lakh people over a ten-year period. Foxconn has committed to establishing a manufacturing facility in Telangana, according to a letter Young Liu later addressed to the Chief Minister.
