Hyderabad: Foxconn Interconnect Technology, a Taiwanese multinational electronics manufacturing company, on Monday laid the foundation stone of a new factory in Telangana. This is part of the company’s $500 million investment plan in the state. The Telangana government said in a press release that Telangana Industries and Commerce Minister KT Rama Rao, Foxconn Interconnect Technologies Chairman and Chief Executive Officer Sidney Lu, and others were present at the foundation stone laying ceremony.
Will create 25,000 direct jobs
According to the statement, this electronics manufacturing unit proposed at Kongra Kalan near Hyderabad is part of the Taiwanese company’s global expansion strategy. Rama Rao said in one of his tweets that I am happy to announce the foundation stone of Foxconn’s first factory in Kongra Kalan today. With an investment of over $500 million, it will create 25,000 direct jobs in the first phase. He said that I thank Foxconn company for investing $ 500 million in Telangana.
The proposed factory will serve as a hub for Foxconn Interconnect Technology’s operations in Telangana. This will help the company to increase its production capacity.
According to the Foxconn website, it was established in Taiwan in 1974, Hon Hai Technology Group (Foxconn) (TWSE: 2317) is the world’s largest electronics manufacturer. Foxconn is also the leading technological solution provider, and it continuously leverages its expertise in software and hardware to integrate its unique manufacturing systems with emerging technologies. The Group has expanded not only its capabilities into the development of electric vehicles, digital health, and robotics but also three key technologies –AI, semiconductors, and new-generation communications technology – which are key to driving its long-term growth strategy and the four core product pillars: Smart Consumer Electronics, Cloud and Networking, Computing Products and Components and Others. In 2021, Hon Hai‘s annual revenue reached USD 206 billion.
The company has established R&D and manufacturing centers in other markets around the world including China, India, Japan, Vietnam, Malaysia, the Czech Republic, the U.S., and more. With a focus on research and development, the company owns more than 54,253 patents. In addition to maximizing value-creation for customers who include many of the world’s leading technology companies, Foxconn is also dedicated to championing environmental sustainability in the manufacturing process and serving as a best-practices model for global enterprises.
The company has received widespread international accolades and recognition since its establishment. The company ranked 22nd on the Fortune Global 500 rankings in 2021 and 25th in the Top 100 Digital Companies in the Forbes ranking of the World’s Best Employers in 2019. Moreover, on Forbes’ World’s Best Employers 2021 rankings, the company ranked 1st in Taiwan. Foxconn is also the only Taiwanese private company awarded for 5 consecutive years of Clarivate Top 100 Global Innovators (2018 ~ 2022).
