Taiwanese contract manufacturing major Foxconn, known for making products for tech giant Apple, plans to hold a “ground-breaking” ceremony in Telangana on May 15, according to the southern state’s principal secretary of IT and Industries, Jayesh Ranjan.
What Happened? According to a MoneyControl report, the said investment is expected to create 100,000 jobs and might be the company’s most significant single expenditure in India. However, Ranjan did not provide details about the investment size or the products Foxconn will manufacture.
The event occurs amid speculation surrounding the Karnataka and Telangana governments’ announcements of Foxconn’s interest in investing in their states. After signing a memorandum of understanding (MoU) with Telangana on March 2, the Karnataka government stated that Foxconn would invest in their state and had identified a 300-acre space for the company.
Nevertheless, Foxconn clarified that it had not “entered into any binding, definitive agreements” during Chairman Young Liu‘s recent trip to India.
Fruitful visit? During his visit, Liu met with Prime Minister Narendra Modi, MeitY secretary Alkesh Kumar Sharma, and others. Speaking at the inauguration of T-Works, a state government-launched prototyping centre, Liu expressed confidence that collaborating with Telangana would likely double the company’s revenue to $400 billion (₹32,69,925.30 crore) within the next four years.
Liu emphasized the importance of speed in achieving this goal, praising Telangana’s efficiency. He encouraged everyone to explore investment opportunities in the state and execute them swiftly to ensure success.
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In 2022, Apple’s iPhone supplier Foxconn, also known as Hon Hai Precision Industry Co, reported unaudited revenue of $215.84 billion (₹17,64,451.69 crore).
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