Team Blitz India
HYDERABAD The Board of Directors FIT Hon Teng Ltd (Foxconn) on August 12 approved the investment of $400 million in Telangana, V Lee, Foxconn India representative said in a social media post. The Taiwan-based contract manufacturer Foxconn is Apple’s biggest supplier.
“FIT Singapore’s proposal to make a capital injection of $ 400,000,000 to Chang Yi Interconnect Technology (India) Private Limited, which is held by FIT Singapore as to 99.99 per cent of the capital stock,” FIT Hon Teng informed the Hong Kong Stock Exchange.
Posting the company’s disclosure on his social media handle, V Lee said “Moving so fast, Telangana! Another US$400M is coming. “Reacting to V Lee’s post, Telangana Minister for IT and Industries KT Rama Rao tweeted saying the fresh investment proposal is in addition to the already committed USD 150 million earlier.
“Our friendship with Foxconn Group remains steadfast, each of us delivering on mutual commitments. With total infusement of $550m (adding previous $150m), FIT is poised to deliver on its promises in Telangana. This once again proves Telangana Speed,” Rama Rao tweeted on X.
