Apple Supplier Foxconn To Invest $500 Million In Telangana According to the state's IT minister, the investment will create 25,000 jobs in the first phase

By Teena Jose

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IT minister of Telangana K. T. Rama Rao, on Monday, said that Taiwan-based contract Foxconn will invest $500 million to set up manufacturing plants in the southern Indian state of Telangana, according to a Reuters report, adding that the investment will create 25,000 jobs in the first phase.

Taking to Twitter, the minister said that, "Demonstrating the 'Telangana Speed', I am happy to announce the groundbreaking of the first of Foxconn's plants in Telangana at Kongar Kalaan today With an investment of over $500 million, it shall create 25,000 direct jobs in the first phase."

"The Government of Telangana and Foxconn Interconnect Technology are confident that this investment will not only benefit Foxconn Interconnect Technology's business but also contribute to the overall economic prosperity of the region," a joint statement by the Telangana government and Foxconn said on Monday.

Last week, the company had also announced an investment of $37 million as part of the land purchase in the outskirts of Bengaluru. Earlier in March, Bloomberg News reported that month that Foxconn was planning to invest $700 million in a new factory in Karnataka the same month, citing unnamed sources

As per earlier reports, Apple has been shifting production away from China, where prior COVID restrictions disrupted the manufacturing of new iPhones and other devices. The tech company is also reportedly looking to avoid a hit to its business due to tensions between Beijing and Washington. Foxconn in late March received approval from the Karnataka government for a $968 million investment in the state.

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Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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