Foxconn increases the amount of money it wants to invest in Telangana
The Board of Directors of FIT Hon Teng Ltd (commonly known as Foxconn) has granted approval for an investment of $400 million in the state of Telangana, according to a social media post by V Lee, the representative of Foxconn India. FIT Hon Teng Ltd, a Taiwan-based contract manufacturer, is a major supplier for Apple.
The investment plan involves FIT Singapore injecting $400 million into Chang Yi Interconnect Technology (India) Private Limited, a company held by FIT Singapore that owns 99.99% of its capital stock. This strategic move was reported by FIT Hon Teng to the Hong Kong authorities.
In response to V Lee’s announcement, KT Rama Rao, Telangana’s Minister for IT and Industries, tweeted on Saturday, stating that this new investment proposal comes on top of the previously committed $150 million investment.
