The board of Foxconn Interconnect Technology Ltd (FIT), a Foxconn arm that is setting up the Apple accessories plant at Kongara Kalan on Hyderabad’s outskirts, has approved the infusion of another $400 million into Chang Yi Interconnect Technology (India) Pvt Ltd, the subsidiary company implementing the project.
“Moving so fast, Telangana! Another US$400M is coming…” Foxconn’s representative in India V Lee posted on his LinkedIn account along with a screenshot of the Hong Kong stock exchange filing by FIT Hon Teng, as FIT is known.
Sharing Lee’s post, Telangana industries minister KT Rama Rao posted on social media platform X, formerly known as Twitter, on Saturday: “Our friendship with the Foxconn Group remains steadfast, each of us delivering on mutual commitments. With total infusement of $550 million (adding previous $150m), FIT is poised to deliver on its promises in Telangana. This once again proves Telangana speed,”
Foxconn had grounded its first Telangana facility, which will manufacture wearables like Airpods for Apple in addition to accessories like connectors and adapters for multiple brands, in mid-May this year at Kongara Kalan on Hyderabad’s outskirts in the presence of FIT chairman & CEO Sidney Lu. This facility alone is slated to create around 25,000 jobs.
Apart from Kongara Kalan in Ibrahimpatnam mandal of Ranga Reddy district, the Telangana government had showed land Dundigal in Medchal-Malkajgiri district to Foxconn chairman Young Liu when he visited Hyderabad on March 2 this year to inaugurate T-Works and declared his commitment to create 1 lakh jobs in the state.