Apple supplier Foxconn increases Telangana investment proposal: ‘Another US$400 million is coming…’

Taiwan-based Foxconn has revealed plans to increase their investment in India by ‘another $400 million’. Apple's biggest supplier is likely to use its upcoming Kongarkalan facility for the manufacture of AirPods and other digital accesories. The company had laid the foundation for a new electronics manufacturing facility in May this year as part of its USD 500 million investment in Karnataka

"…FIT Singapore's proposal to make a capital injection of US$ 400,000,000 to Chang Yi Interconnect Technology (India) Private Limited, which is held by FIT Singapore as to 99.99 per cent of the capital stock," FIT Hon Teng informed the Hong Kong Stock Exchange on Friday.

“Moving so fast, Telangana! Another US$400M is coming,” wrote Foxconn India representative V Lee on social media. 

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“Our friendship with Foxconn Group remains steadfast, each of us delivering on mutual commitments. With total infusement of $550m (adding previous $150m), FIT is poised to deliver on its promises in Telangana. This once again proves Telangana Speed,” came the response from Telangana Minister for IT and Industries KT Rama Rao.

Foxconn Technology Group chairman Young Liu and senior officials had met Telangana Chief Minister K Chandrasekhar Rao earlier this year.

The electronics major reportedly plans to make casing components for iPhones at a new Karnataka facility with $350 million in investment that will generate 12,000 jobs. A Reuters report quoting sources had also indicated in March that Foxconn had won an order to make AirPods for Apple and plans to build a factory in India to produce the wireless earphones.

(With inputs from agencies)