Foxconn is investing $500 million to set up a manufacturing plant in Telangana, which would generate 25,000 jobs

On Monday, the Taiwanese multinational electronics giant - "Foxconn Interconnect Technology Limited" held the ground-breaking ceremony of its manufacturing facility at Kongara Kalan area on the outskirts of the Capital of Telangana - Hyderabad, which has further lit up the Hyderabad success story as a global city.

Telangana Industries Minister KTR and Foxconn Executives attended the ground-breaking ceremony. The Telangana Govt. officials said Foxconn would invest $500 million, and it is about to create 25k direct jobs. Foxconn may start production by this year's end.

In a joint statement, the State Govt. and Foxconn said that this facility promises to start delivering world-class products to the global markets and is a milestone for the Foxconn company's global expansion strategy of diversifying its international manufacturing units. The officials also said that this deal has the potential to generate jobs for over one lakh people over the next 10 years.

The Chairman & CEO of Foxconn Interconnect Technology, Sidney - Lu, said the collaboration would also encourage Telangana's growth story and Foxconn's growth in India.

On 2nd March, Foxconn chairman Young Liu had a meeting with Telangana Chief Minister KCR and discussed the prospect of setting up a manufacturing plant in the state. The Telangana State Industrial Infrastructure Corporation allocated 196 acres of land to Foxconn to set up its facility; Foxconn manufactures nearly 70 percent of iPhones.