Image: Foxconn site
Electronics major Foxconn Interconnect Technology on Monday 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 press release from the state 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 first of Foxconn's plants in Telangana at Kongar Kalaan today. With an investment of over $500M it shall create 25,000 direct jobs in first Phase," Rama Rao tweeted.
Speaking on the occasion, he said there is a need to work as per the confidence that was placed on Telangana by the Foxconn chairman. "…I would like to thank Foxconn company for investing USD 500 million in Telangana," the minister said.
The proposed facility will serve as a hub for Foxconn Interconnect Technology's operations in Telangana allowing the firm to expand its production capacity, it said.
(Disclaimer: This story is auto-generated from a syndicated feed; only the image & headline may have been reworked by www.republicworld.com)