Young Liu, Chairman of Foxconn Technology Group, met Telangana Chief Minister K Chandrasekhar Rao in Hyderabad on March 2, where agreed that the company would set-up an electronics manufacturing plant.
The AFP news agency reported that Taiwanese tech giant Foxconn said on Saturday that it has not signed “any binding and definitive agreement” for new investment in India despite its president’s visit to the country.
Foxconn stated that it had not reached a binding and final agreement for the most recent investment during this visit.
Taiwanese multi-national electronics contract manufacturer Foxconn ((Hon Hai Precision Industry Co Ltd), best known for making iPhones, will set up a manufacturing plant in Ranga Reddy district in Kongara Kalan, Telangana. Foxconn Technology Group Chairman, Young Liu, met Telangana Chief Minister K. Chandrasekhar Rao on March 2 in Hyderabad, where it agreed that the company would set up an electronics manufacturing plant with a job creation potential of more than 1 lakh.
According to Chief Minister of Karnataka Basavaraj Bommai, the state has teamed with Foxconn for a sizeable investment. “An agreement has made with Foxconn, a significant electronics manufacturer, to invest in the state following extensive discussions with C’manC’man Young Liu of Co’sco. Bengaluru’s 300 acres of land near I. Assigned International Airport are anticipate to generate 1 lakh jobs “Tweets from Bommai.
The Telangana government recently announced signing an agreement with Foxconn to invest in the state. Telangana IT Minister KT Rama Rao tweeted: “Very excited to announce a mega investment by @HonHai_Foxconn in Telangana which will create jobs for a lakh youth in Telangana.”
Foxconn has facilities in Andhra Pradesh and Tamil Nadu that make products for Apple and Amazon. In addition to Foxconn, two other Apple suppliers operate in India, including Pegatron and Wistron. The Taiwanese company’s renewed interest in India can attribute to rising global geopolitical tensions between the US and China. However, Foxconn’s largest Apple iPhone manufacturing plant is in China.
On Monday, the Telangana Chief Minister’s Office said Liu had written a letter to CM KCR, clearly reaffirming the commitment to set up the manufacturing plant. In his letter, Liu requested the cooperation of the Telangana administration to put Kongara Kalan Park into operation as soon as possible.
The CMO said the letter had allayed doubts over the company’s dilemma of whether or not to set up a manufacturing plant in Telangana.
Liu expressed his appreciation for the hospitality extended to him and his team during their visit to Hyderabad, saying they had a great time.
In his letter to CM KCR, he wrote: “I am inspired by your vision of him and his efforts to transform and develop Telangana. Now I have a new friend in India and look forward to working with you.” Liu also invited CM KCR to visit Taiwan as his guest.
During the March 2 meeting at Pragati Bhavan in Hyderabad, CM KCR and Young Liu discussed the importance of diversifying electronics manufacturing for a flexible supply chain and the state’s role. The Chief Minister (CM) spoke about the new industrial policy to attract large-scale investment from the state. CM KCR also appreciated Foxconn’s investment in Foxconn and the opportunity to create jobs in the state.
Liu also praised the state’s favorable industrial development ecosystem.