Foxconn: $ 500 million investment agreement between iPhone maker and Telangana, 25 thousand jobs will be created

Telangana minister KT Rama Rao has announced that Apple’s manufacturing company Foxconn will invest $500 million in Telangana and 25,000 people will be employed in the first phase of the project. Foxconn’s plant will be built at Kongar Kalan in Rangareddy district near Hyderabad

In a tweet, Rao, son of Telangana Chief Minister K Chandrasekhar Rao, said, “I am happy to announce the foundation stone laying ceremony of Foxconn’s first plant at Kongar Kalan today. With an investment of over $500 million, the first phase will be completed by approx. 25000 people will get jobs.”

Rama Rao, also known as KTR, is the Minister of Information Technology, Electronics and Communications of Telangana. He also holds the portfolios of Municipal Administration and Urban Development and Industries and Commerce. A joint statement issued by the Telangana government and Foxconn said the new production facility promises to continue delivering world-class products. This is a milestone for Foxconn Interconnect Technology’s global expansion strategy, the statement said.

The statement thanked the state government for its unwavering commitment to creating a conducive business environment. Foxconn is headquartered in New Taipei City, Taiwan, and is the world’s largest manufacturer of the iPhone. Most of the company’s plants are located in China.