Business News | Foxconn Kongara Kalaan Factory Up and Running, Employing Thousands, Says Former IT Minister of Telangana
Get latest articles and stories on Business at LatestLY. Foxconn Interconnect Technology's (FIT) manufacturing factory at Kongara Kalan is operational and is providing employment to thousands of people, said Bharat Rashtra Samithi (BRS) working president and former IT Minister of Telangana, K. T. Rama Rao.
New Delhi [India], May 20 (ANI): Foxconn Interconnect Technology's (FIT) manufacturing factory at Kongara Kalan is operational and is providing employment to thousands of people, said Bharat Rashtra Samithi (BRS) working president and former IT Minister of Telangana, K. T. Rama Rao.
Sharing the update on X, Rao noted that the wholly-owned subsidiary of Foxconn reached this operational milestone three years after the initial MoU for the facility was signed.
"My heart is filled with pride and joy to see this Foxconn investment take shape. Three years after the MoU was signed in the presence of KCR Garu and Chairman Young Liu, the factory at Kongara Kalaan is up and running employing thousands of people," Rama Rao said on social media site 'X'.
The development follows an earlier announcement made in March 2023, when the manufacturing project in the region was first made public with an initial investment of USD 500 million and a total investment of USD 550 million.
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"Super stoked to announce a mega investment by @HonHai_Foxconn in Telangana that will create employment for a whopping One Lakh youngsters in Telangana. The announcement is made after Chairman of FoxConn Mr Young Liu met Hon'ble CM Sri KCR Garu at Pragathi Bhavan today," Rama Rao said on X on March 2, 2023.
At the same time, in a letter addressed to then Telangana Chief Minister K. Chandrashekar Rao, Hon Hai Precision Industry (Foxconn Technology Group) Chairman Young Liu said the company is committed to setting up a manufacturing facility in Kongara Kalan in the Ranga Reddy district of the state.
In May 2023, Rama Rao highlighted the initial investment, stating: "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 also highlighted the additional investment from Foxconn a few months later. "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," he said in August 2023.
In the letter, Young Liu also seeked support from the then Chief Minister's team in operationalising the park at Kongara Kalan as early as possible.
The Chief Minister and Young Liu discussed Foxconn's investment plans, and the CM assured full support for the project. The electronics manufacturing project is expected to generate more than 1,00,000 employment opportunities in the state over the next 10 years, the CM said. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)