Foxconn – Artifex.News https://artifex.news Stay Connected. Stay Informed. Mon, 18 Nov 2024 04:52:44 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://artifex.news/wp-content/uploads/2026/05/cropped-cropped-app-logo-32x32.png Foxconn – Artifex.News https://artifex.news 32 32 Remove Marital Status In iPhone Job Ads, Foxconn Tells Indian Recruiters: Report https://artifex.news/remove-marital-status-in-iphone-job-ads-foxconn-tells-indian-recruiters-report-7044718rand29/ Mon, 18 Nov 2024 04:52:44 +0000 https://artifex.news/remove-marital-status-in-iphone-job-ads-foxconn-tells-indian-recruiters-report-7044718rand29/ Read More “Remove Marital Status In iPhone Job Ads, Foxconn Tells Indian Recruiters: Report” »

]]>

Apple has been positioning India as an alternative manufacturing base to China.

Apple supplier Foxconn has ordered the hiring agents that help recruit iPhone assembly workers in India to remove age, gender, and marital criteria as well as the manufacturer’s name in job advertisements, according to three people familiar with the matter and almost a dozen ads reviewed by Reuters.

The moves follow a Reuters investigation published June 25, which found that Foxconn excluded married women from jobs at its main India iPhone assembly plant, though it relaxed the practice during high-production periods.

Foxconn, which employs thousands of women at the iPhone factory at Sriperumbudur, near Chennai, outsources recruitment of assembly-line workers to third-party vendors. These agents scout for and screen candidates, who ultimately are interviewed and selected by Foxconn.

For the June story, Reuters reviewed job ads posted by Foxconn’s Indian hiring vendors between January 2023 and May 2024 which stated that only unmarried women of specified ages were eligible for smartphone assembly roles, contravening Apple and Foxconn anti-discrimination policies.

Days after the story’s publication, Foxconn HR executives instructed many of the Indian vendors to standardize recruitment materials in accordance with templates provided by the company, two of the three hiring agency sources told Reuters. They also told the vendors not to speak to the media, these people said. 

At a meeting in late June, Foxconn HR executives cited media coverage of the company’s hiring practices and “warned us not to use Foxconn’s name in any ads going forward, and told us our contracts would be terminated if we did,” one agent said. 

“The instructions for ads were: Don’t mention the unmarried requirement, don’t mention age, nor male or female either,” said the person, who like the other sources spoke on the condition of anonymity for fear of backlash from Foxconn.

Foxconn did not respond to Reuters questions about its directives to recruiters, nor whether it had ended restrictions on the employment of married women for iPhone assembly roles. Apple declined to comment on similar questions. Both companies have previously said that Foxconn hires married women in India.

Reuters could not independently determine whether Foxconn had begun to hire greater numbers of married women for the roles in question. But recent changes to advertising content aligned with the recruiters’ accounts.

One new Foxconn template ad reviewed by Reuters described smartphone assembly positions but made no mention of Foxconn, nor age, gender or marital criteria. It listed benefits: “Air conditioned workplace, free transport, canteen facility, free hostel” and a monthly salary of 14,974 rupees, or about $177.

In October, Reuters visited Sriperumbudur and reviewed nine Foxconn vendor ads, some in the Tamil language, that were posted on walls and circulated on WhatsApp. The text matched the template provided to the vendors.

While the ads didn’t identify the employer, two of the three vendor sources said they were for Foxconn smartphone assembly positions.

“Foxconn gives us the ads to run for hiring. We only use those,” a manager at hiring agency Proodle told Reuters. 

Reuters visited the offices of 12 Foxconn hiring vendors, eight of which declined to discuss its practices. 

One vendor, Groveman Global, had advertised in 2023 for unmarried women aged 18 to 32 for mobile manufacturing jobs. This language was absent in three new Groveman ads that Reuters reviewed last month.

A representative at Groveman’s office declined to comment on the changes.

Apple has been positioning India as an alternative manufacturing base to China amid tensions between Beijing and Washington. Prime Minister Narendra Modi’s government views Foxconn’s iPhone factory and Apple’s broader supply chain in India as helping the country move up the economic value chain.

Following Reuters’ earlier story, Modi’s government ordered federal and state investigations into hiring practices at the Foxconn plant.

Labor officials visited the facility in July and interviewed company executives, but neither Modi’s government nor state officials in Tamil Nadu made the findings public. The state government rejected a Reuters request for a copy of the investigation report made under India’s Right to Information Act, citing confidentiality.

Federal and state officials did not respond to Reuters questions about the outcome of their probes of Foxconn.

Dilip Cherian, a communications consultant and co-founder of Indian public relations firm Perfect Relations, said media scrutiny of Foxconn’s employment practices had necessitated changes to job advertising because of the reputational impact on the company and its client, Apple. 

Still, it remained to be seen “whether this move represents a real change of heart or just a cosmetic and appropriately legal response to the fact that they have been called out,” added Cherian, who told Reuters he does not work with Apple or Foxconn.

During a visit to India in August, Foxconn Chairman Young Liu said married women “greatly contribute to the efforts of what we’re doing here.” 

He also met with Modi, who said on X at the time that the pair discussed the Taiwan-headquartered company’s investment plans in India.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



Source link

]]>
What iPhone Maker Foxconn Boss Young Liu Said On Row Over Hiring “Discrimination” In India https://artifex.news/what-iphone-maker-foxconn-boss-young-liu-said-on-row-over-hiring-discrimination-in-india-6361539rand29/ Sun, 18 Aug 2024 01:22:15 +0000 https://artifex.news/what-iphone-maker-foxconn-boss-young-liu-said-on-row-over-hiring-discrimination-in-india-6361539rand29/ Read More “What iPhone Maker Foxconn Boss Young Liu Said On Row Over Hiring “Discrimination” In India” »

]]>

File photo

SRIPERUMBUDUR:

Foxconn’s chairman on Saturday defended its hiring practices after New Delhi ordered investigations following a Reuters report that the Apple supplier rejects married women from iPhone assembly jobs.

“Foxconn hires regardless of gender, but women make up a big part of our workforce here,” Young Liu said during the opening ceremony for a hostel complex for its workers near Chennai in Tamil Nadu.

“I emphasise married women greatly contribute to the efforts of what we’re doing here,” he added, making his first comments since the Reuters investigation.

Liu did not take questions from media at the hostel complex that the state government says is “exclusive” to 18,720 Foxconn women workers. The multi-storey hostel buildings are located close to the iPhone-making plant.

The Reuters investigation published in June found that Foxconn systematically excluded married women from jobs at its main India iPhone assembly plant on the grounds they have more family responsibilities than their unmarried counterparts.

Foxconn acknowledged some lapses in hiring practices in 2022 and said it had worked to address the issues, but added that it “vigorously refutes allegations of employment discrimination.”

The story triggered TV debates and newspaper editorials. Prime Minister Narendra Modi’s government ordered Tamil Nadu to provide a “detailed report” on it, and his labour officials also visited the iPhone factory to question executives. New Delhi has not yet released any findings.

Foxconn told labour officials its main India iPhone factory employs 41,281 people, including 33,360 women. Of these women, some 2,750, or about 8%, were married.

It did not break down the staffing figures into specific areas such as iPhone assembly, where Reuters reported the discrimination was taking place.

Foxconn in recent years has expanded in India, where it makes iPhones and products for other smartphone brands, and has plans to move into AirPods and chipmaking.

Liu has met PM Modi and many top Indian officials during his ongoing visit and discussed Foxconn’s investment plans.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



Source link

]]>
Foxconn’s Tamil Nadu Housing Unit https://artifex.news/rs-700-crore-18-000-women-workers-foxconns-tamil-nadu-housing-unit-6357421rand29/ Sat, 17 Aug 2024 09:53:26 +0000 https://artifex.news/rs-700-crore-18-000-women-workers-foxconns-tamil-nadu-housing-unit-6357421rand29/ Read More “Foxconn’s Tamil Nadu Housing Unit” »

]]>

The mega housing has 13 blocks with 10 floors each and can accommodate 18,720 workers.

New Delhi:

Tamil Nadu Chief Minister MK Stalin will today inaugurate a mega industrial project, worth Rs 700 crore, exclusively for more than 18,000 female workers of the iPhone manufacturer, Foxconn.

The chief minister would inaugurate the first-of-its-kind-in-India industrial housing facility at the SIPCOT Vallam Vadagal industrial estate in Sriperumbudur, Kancheepuram district, along with the Foxconn chief Young Liu.

Latest and Breaking News on NDTV

Speaking to NDTV about the project, Tamil Nadu Minister of Industries TRB Rajaa said, “This would ensure a safe, secure, clean environment for the women working in these factories.”

The mega housing has 13 blocks with 10 floors each and can accommodate 18,720 workers.

Other facilities such as kitchens, dining, power supply for 24 hours, clean water, and play area are also within the complex.

Latest and Breaking News on NDTV

This project comes after some of these women workers had taken to the streets to protest against poor working conditions.

“A lot of good news is to come as the honourable chief minister visits the US.”

Hitting out at Tamil Nadu opposition leader Edappadi K. Palaniswami on his accusation of investments going out of Tamil Nadu, he said, “Let him wake up first.”



Source link

]]>
25% Of iPhone Maker Foxconn’s New Hires In India Are Married Women: Report https://artifex.news/25-of-iphone-maker-foxconns-new-hires-in-india-are-married-women-report-5984254rand29/ Thu, 27 Jun 2024 16:21:00 +0000 https://artifex.news/25-of-iphone-maker-foxconns-new-hires-in-india-are-married-women-report-5984254rand29/ Read More “25% Of iPhone Maker Foxconn’s New Hires In India Are Married Women: Report” »

]]>

The Foxconn factory currently has about 70 per cent women: Report (Representational)

New Delhi:

Apple iPhone maker Foxconn has informed the government that 25 percent of its new hires are married women and its safety protocol, which requires all employees to avoid wearing metal irrespective of gender or religion, is not discriminatory, sources said.

In an informal note shared with the government after reports suggested it is not hiring married women, Foxconn stated that such stipulations are not part of its policy and these claims may have been made by those individuals who were not hired, sources said.

They added that such media reports malign the fast-growing Indian manufacturing sector.

Meanwhile, the Ministry of Labour and Employment on Wednesday sought a detailed report from the Tamil Nadu labour department on the issue of married women not being allowed to work at the Foxconn India Apple iPhone Plant, as reported by the media.

“Foxconn had clarified that 25 per cent of the latest hires are married women. This would mean nearly one-third of the total women are married. This ratio compares favourably to any factory in this sector currently operating in India,” one of the sources said.

The Foxconn factory currently has about 70 per cent women and 30 per cent men and the Tamil Nadu plant is the largest factory for women employment in the country with the total employment having touched 45,000 workers during peak periods, they said.

The company has also informed that the discussion around Hindu married women being discriminated against for wearing metals (ornaments and jewellery) is “entirely slanted” and wearing metal in such factories is a safety issue, a fact well recognised by both the industry and the government.

“Any person wearing metals – man or woman – regardless of their status (single or married) and their religion (Hindu, Muslim, Christian, Sikh etc.) are required to remove metals while working in the factory,” the source said quoting the company’s informal note.

For safety reasons, no one wearing metal is allowed to work on the shop floor and this is a prevalent practice in several industries.

According to sources, the company has stated that the media report is based on anecdotal comments by 5-10 people or potential job seekers.

These comments likely came from candidates who did not get the job or no longer work at Foxconn.

When contacted on the issue, Foxconn said that they hire workers of all backgrounds, genders, races and marital status, and they do not discriminate in hiring or recruitment.

“We enhanced our management process for hiring agencies in India in 2022 and identified four agencies that were posting ads that did not meet our standards. We took corrective action with those agencies and more than 20 job ads were removed,” Foxconn said in a statement.

It also refuted allegations of employment discrimination based on marital status, gender, religion or any other form.

“In our latest round of hiring almost 25 per cent of women are married. Married women are welcome to wear traditional metal ornaments while working in our facilities,” it said.

It added that the company provides qualified job seekers equal treatment and it works with relevant local agencies to ensure that all recruitment efforts follow Foxconn’s recruitment standards and guidelines, as well as local labour regulations.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



Source link

]]>
Foxconn Doesn’t Hire Married Women At Chennai Plant? Centre Seeks Report https://artifex.news/foxconn-doesnt-hire-married-women-at-chennai-plant-centre-seeks-report-5976087rand29/ Wed, 26 Jun 2024 15:11:04 +0000 https://artifex.news/foxconn-doesnt-hire-married-women-at-chennai-plant-centre-seeks-report-5976087rand29/ Read More “Foxconn Doesn’t Hire Married Women At Chennai Plant? Centre Seeks Report” »

]]>

The ministry said it has requested a detailed report from Tamil Nadu Labour Department. (File)

Bengaluru:

Prime Minister Narendra Modi’s government on Wednesday said it has asked the Tamil Nadu government to submit a “detailed report” after a Reuters story revealed that Apple supplier Foxconn rejected married women from iPhone assembly jobs in the country.

In a statement calling for the probe, the Ministry of Labour and Employment cited the Equal Remuneration Act of 1976, saying the law “clearly stipulates that no discrimination (is) to be made while recruiting men and women workers.”

The ministry said it has requested a detailed report from the Labour Department of Tamil Nadu, site of a major iPhone factory where Reuters uncovered Foxconn’s practice of shunning married women from jobs.

The Labour Ministry said it also directed the office of the Regional Chief Labour Commissioner to provide a “factual report.”

Apple and Foxconn did not immediately respond to a request for comment on the government statement. The Tamil Nadu state government did not immediately respond to Reuters’ request for comment outside office hours.

A Reuters investigation published on Tuesday found that Foxconn has systematically excluded married women from jobs at its main India iPhone plant near Chennai in Tamil Nadu, on the grounds they have more family responsibilities than their unmarried counterparts.

Foxconn hiring agents and HR sources interviewed by Reuters cited family duties, pregnancy and higher absenteeism as reasons why Foxconn did not hire married women at the plant.

The Ministry of Labour “takes note of media reports on married women not being allowed to work at Foxconn India Apple iPhone plant,” the statement said.

Earlier, in response to questions from Reuters for its Tuesday report, Apple and Foxconn acknowledged lapses in hiring practices in 2022 and said they had worked to address the issues. All the discriminatory practices documented by Reuters at the Sriperumbudur plant, however, took place in 2023 and 2024. The two companies didn’t address the 2023 and 2024 incidents.

Apple said that “when concerns about hiring practices were first raised in 2022 we immediately took action and worked with our supplier to conduct monthly audits to identify issues and ensure that our high standards are upheld,” adding that all its suppliers, including Foxconn, hire married women.

Foxconn said it “vigorously refutes allegations of employment discrimination based on marital status, gender, religion or any other form.”

Lawyers told Reuters Indian law doesn’t bar companies from discriminating in hiring based on marital status. Apple’s and Foxconn’s policies, however, prohibit such hiring practices in their supply chains.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



Source link

]]>
Taiwan presidential frontrunner slams China over Foxconn probe https://artifex.news/article67452749-ece/ Tue, 24 Oct 2023 04:37:08 +0000 https://artifex.news/article67452749-ece/ Read More “Taiwan presidential frontrunner slams China over Foxconn probe” »

]]>

Representational image of Foxconn logo seen atop the company’s headquarters in New Taipei City, Taiwan
| Photo Credit: Reuters

Taiwan Vice President Lai Ching-te on Tuesday hit out at China over its probe of major Apple supplier Foxconn, saying Beijing should “cherish” Taiwanese companies and not put pressure on them during an election.

Foxconn is facing a tax probe in China, two sources close to the company said on Monday, confirming a report in China’s state-backed Global Times.

The sources said they believed it was disclosed for political reasons tied to Taiwan’s January elections where the company’s founder Terry Gou is running as an independent candidate for president.

The Global Times, in an English-language story late on Sunday, said by running, Mr. Gou might split the opposition vote, potentially ensuring a victory for Lai who is already leading in the polls.

China claims Taiwan as its own territory and Beijing detests Mr. Lai, whom it believes is a separatist. He says only Taiwan’s people can decide their future, and Beijing has rebuffed his offers of talks.

Speaking at a news conference in Taipei and asked about Beijing’s probe into Foxconn, Mr. Lai said China should “cherish and treasure” Taiwanese companies given their help in that country’s economic development.

“During an election, China does not need to put pressure on Taiwanese companies, demanding they declare a position, or even that they directly support a candidate they prefer,” he said.

Taiwanese companies will lose their confidence in China and if they feel scared will shift production elsewhere, which will be a big loss to China, Mr. Lai added.

Foxconn has been pushing to diversify its manufacturing base outside China to places such as India, which one of the sources said may have contributed to Beijing placing pressure on the company.

Mr. Gou has not commented on the probe, with his campaign team referring questions to Foxconn and pointing out he is no longer involved in the company’s day-to-day running, though he remains a big shareholder.

Mr. Gou cancelled without explanation a campaign event originally scheduled for Monday evening, and has no events planned for Tuesday, according to his media team.

Foxconn said in a statement on Sunday that legal compliance was a “fundamental principle” of its operations, and it would “actively cooperate with the relevant units on the related work and operations”.

Foxconn’s shares extended their declines on Tuesday, down more than 2% during mid-morning trade compared to a flat broader market. Shares closed 2.9% lower on Monday.

Taiwan frequently accuses Beijing of seeking to exert pressure, whether military or economic, to sway the outcome of its elections to ensure an outcome favourable to China, whose government has not commented on the Foxconn probe.

Mr. Lai said China should respect Taiwan’s democratic system, way of life and choice of president, moving away from confrontation towards an era of respectful dialogue.

He reiterated it was his “mission” to maintain the status quo across the Taiwan Strait, in a reference to how he would not seek to push for Taiwan’s formal independence, a red line for China.



Source link

]]>
Foxconn under tax and land use investigations in China https://artifex.news/article67450114-ece/ Sun, 22 Oct 2023 15:28:37 +0000 https://artifex.news/article67450114-ece/ Read More “Foxconn under tax and land use investigations in China” »

]]>

Taiwanese tech giant Foxconn is under tax and land use investigations at several of its sites in China, state media reported on October 22, 2023.
| Photo Credit: AFP

Taiwanese tech giant Foxconn is under tax and land use investigations at several of its sites in China, state media reported on October 22.

Chinese authorities are inspecting Foxconn’s sites in southern Guangdong province and Jiangsu in the east, as well as carrying out on-site investigations into the company’s land use in central Hunan and Hubei provinces, China’s state-run Global Times reported.

The newspaper did not specify what authorities are looking into, nor any offences that Foxconn may have committed.

“Compliance with the law is a basic principle for our group worldwide,” Foxconn said in a statement on October 22

“We will actively cooperate with the relevant (authorities) for the operations concerned,” it added, without providing further details.

Foxconn is one of the world’s largest contract producers of electronics, and is a key supplier for Apple’s iPhones.

It is also China’s largest private-sector employer, with more than a million employees nationwide.

The investigation comes two-and-a-half months before presidential elections in self-ruled Taiwan, which China claims as its territory and has vowed to take one day.

Foxconn’s founder, billionaire Terry Gou, has cut ties with the firm to focus on his long-shot bid to run as an independent candidate in Taiwan’s January 2024 elections.

The 72-year-old failed to become the opposition Kuomintang (KMT) party’s nominee in 2019 and analysts say he has only a slim chance of winning.

Critics have alleged that Mr. Gou has a cosy relationship with the Chinese leadership, although Mr. Gou says he can bring peace between Taipei and Beijing.



Source link

]]>
Foxconn Aims To Double Jobs, Investment In India Over Next 12 Months https://artifex.news/foxconn-aims-to-double-jobs-investment-in-india-over-next-12-months-4399042rand29/ Sun, 17 Sep 2023 16:12:55 +0000 https://artifex.news/foxconn-aims-to-double-jobs-investment-in-india-over-next-12-months-4399042rand29/ Read More “Foxconn Aims To Double Jobs, Investment In India Over Next 12 Months” »

]]>

Foxconn’s Chairman said last month that he sees a lot of potential in India. (Representational)

Apple supplier Foxconn aims to double its workforce and investment in India by next year, a company executive said on Sunday.

Taiwan-based Foxconn, the world’s largest contract manufacturer of electronics, has rapidly expanded its presence in India by investing in manufacturing facilities in the south of the country as the company seeks to move away from China.

V Lee, Foxconn’s representative in India, in a LinkedIn post to mark Indian Prime Minister Narendra Modi’s 73rd birthday, said the company was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.

He did not give more details.

Foxconn already has an iPhone factory in the state of Tamil Nadu, which employs 40,000 people.

In August, the state of Karnataka said Foxconn will invest $600 million for two projects in the state to make casing components for iPhones and chip-making equipment.

The company’s Chairman Liu Young-way said in an earnings briefing last month that he sees a lot of potential in India, adding: “several billion dollars in investment is only a beginning”.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



Source link

]]>
“India Will Be Very Important For Manufacturing In Future”: Foxconn Chief https://artifex.news/india-will-be-very-important-for-manufacturing-in-future-foxconn-chief-4369469rand29/ Thu, 07 Sep 2023 16:29:03 +0000 https://artifex.news/india-will-be-very-important-for-manufacturing-in-future-foxconn-chief-4369469rand29/ Read More ““India Will Be Very Important For Manufacturing In Future”: Foxconn Chief” »

]]>

Young Liu said Foxconn operates about nine campuses in India. (File)

New Delhi:

India will be an important country in terms of manufacturing in future, Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn) has said, his latest comment adding to a growing chorus of global voices acknowledging the country’s bold moves to position itself as electronics and hi-tech production powerhouse.

In an interaction with reporters in Taipei, the top official of the Taiwanese electronics manufacturing giant said the development of the entire ecosystem and industrial chain, and opportunities for development in India are “very, very huge opportunities”.

“If there is no big change, India will be a very important country in terms of manufacturing in the future,” Mr Liu said.

In the past, it took 30 years to build the entire supply chain ecosystem in China, he noted, adding that while it will take an “appropriate amount of time in India” and the process will be shorter given the experience. The environment too is not quite the same, he said pointing to the advent of new technologies like AI and generative AI.

In July this year, while addressing SemiconIndia 2023, Foxconn had said it is optimistic about the direction of India’s semiconductor roadmap and asserted that Taiwan is and will be India’s most trusted and reliable partner.

“Let’s do this together,” the top boss of Foxconn had said at that time.

Government sources noted that the Foxconn chief is backing PM’s Make-in-India.

Mr Liu has expressed that reforms and policies in India have created huge opportunities for the development of the entire electronics manufacturing ecosystem, the sources said citing the recent media briefing in Taipei where Liu spoke to reporters.

It is pertinent to mention that India is wooing global IT and electronics players with policy sweeteners and incentive schemes, making a push to position itself as a global hub for hi-tech manufacturing.

India hopes to play on the strength of its storied talent and skill base, vibrant market, and enabling policies to corner a substantial chunk of new investments flowing into electronics and semiconductor production, and global value chains.

Recently, as many as 40 companies, including big names like Foxconn Group, HP, Dell and Lenovo, applied for incentives under India’s Production Linked Incentive (PLI) IT hardware scheme for manufacturing laptops, PCs and servers.

Last month, Foxconn also said it sees the potential of investing several billions of dollars in India if it gets to completely implement its plan.

Mr Liu during Foxconn’s second quarter earnings call in August had said that the company’s Indian arm has achieved a turnover of close to USD 10 billion on an annual basis and there is a lot of investment potential in India.

He had said Foxconn operates about nine campuses in India.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



Source link

]]>
Foxconn gets board nod for $400 million investment in Telangana  https://artifex.news/article67187583-ece/ Sat, 12 Aug 2023 12:07:18 +0000 https://artifex.news/article67187583-ece/ Read More “Foxconn gets board nod for $400 million investment in Telangana ” »

]]>

Foxconn logo is seen in this illustration. File
| Photo Credit: REUTERS

Leading contract manufacturer of electronics globally Foxconn, which operates through multiple entities, has announced board approval for a $400 million investment in Telangana, the southern State where in May it broke ground for a $500 million manufacturing facility.

Telangana IT and Industries Minister shared a social media post of V. Lee, Foxconn representative in India, and said that adding the previous $150 million, the total investment by will be $550 million.

“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,” the Minister posted on X (formerly twitter).

Earlier, Mr. Lee had said: “Moving so fast, Telangana! Another US$400M is coming…” He said this sharing a Hong Kong stock exchange filing by FIT Hon Teng announcing board approval for a $500 million capital injection into subsidiary Foxconn Interconnect Technology Singapore, which in turn will infuse $400 million into Chang Yi Interconnect Technology (India) and the remaining $100 million in Vitenamese entity Fu Wing Interconnect Technology (Nghe An) Company.

One of the largest suppliers to iPhone maker Apple, Foxconn in recent months has generated considerable interest with its investment commitments for new facilities in Telangana, Karnataka and Tamil Nadu. The company since has started construction of its facility at Kongara Kalan, in Ranga Reddy district that neighbours Hyderabad.

At the ground breaking in May, Mr. Rao had said the facility will create 25,000 direct jobs in its first phase itself. Foxconn is setting up the facility, on about 200 acres, as part of an expansion strategy to diversify its global manufacturing base. The investment will not only benefit FIT’s business but also contribute to the overall economic prosperity of the region, FIT and the State Government had said in a joint statement.

“We signed the MoU on March 2 and in about two and a half months we are here today at the groundbreaking ceremony,” the Minister had said then, pointing to how the Telangana government understands the need to work at an accelerated pace. He assured government support to the company, particularly in realising its dream of getting the plant ready in 9-12 months.

FIT is focused on manufacturing products broadly for mobile devices, digital computer and consumer electronics, communication infrastructure, automotive industry. A formal announcement on the products it will be making at the Hyderabad factory is awaited though Industries and IT Secretary Jayesh Ranjan said electronic equipment and connectors for various original equipment manufacturers (OEMs) will be manufactured at the plant.



Source link

]]>