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Foxconn Interconnect Technologies (FIT), an arm of Foxconn, will be investing about $500 million in its new facility being set up in Hyderabad. The company has kicked off the construction work at Kongarkalan near here, where it will be manufacturing a range of FIT products.
“We are told that the company will invest $500 million on the facility and start manufacturing in the next one year,” Telangana IT and Industries Minister KT Rama Rao has said. Addressing a gathering after the ground-breaking ceremony here on Monday, he said the first phase of the project itself would create nearly 25,000 direct jobs.
FIT designs, develops, manufactures and markets a wide range of peripherals, including electronic and optoelectronic connectors, antennas, acoustic components, cables and modules that go into computers, consumer appliances, automobiles, digital gadgets and energy products.
The company had announced earlier in March that it would invest in Telangana. A day later, the company chairman went to Bengaluru and made a similar statement, fuelling rumours on whether the company was planning to choose Bengaluru over Hyderabad. The company, however, clarified that it stood by its commitment to invest in Telangana.
“We signed the MoU on March 2 and in about two-and-a-half months, we are here today at the groundbreaking ceremony. We will extend all the support that the company requires to commence manufacturing in the next 9-12 months,” he said.
A top Foxconn official said the facility would help the company diversify its global manufacturing base. “It will serve as a hub for Foxconn Interconnect Technology’s operations,” he said. Foxconn, or Hon Hai Precision Industry Co., Ltd, is based out of Taipei in Taiwan and manufactures electronics goods world’s top brands.
Also read: Foxconn’s investment into India will be unaffected even if its founder becomes Taiwan’s President
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