Foxconn inks pact to set up facility in Hyderabad

Taiwanese multinational electronics giant Foxconn, part of Hon High Technology Group, on Thursday signed a memorandum of understanding (MoU) with the Telangana government to set up its manufacturing facility in Hyderabad.

A delegation led by Foxconn Chairman Young Liu met Chief Minister K Chandrasekhar Rao at the camp office of Pragati Bhawan in the afternoon, following which an MoU was signed between the company and state government representatives.

Foxconn, the original equipment manufacturer for Apple and several other electronics and mobile companies, will create 100,000 direct and indirect jobs for youth in Telangana over a period of 10 years, according to an official release from the Chief Minister’s Office.

Welcoming the decision, the Chief Minister said that his government is on a mission to transform Telangana and has launched several important projects to realize the dream of Bangaru Telangana (Golden Telangana).

He said the Foxconn unit would help generate large scale employment to the youth and attract more such industries to the state. He said Telangana considers Taiwan a natural partner and the state is happy to be a part of Foxconn’s growth story.

He assured Young Liu that the state government would provide all assistance for Foxconn’s operations in Telangana.

The Foxconn chairman said that his organization has studied extensively about Telangana and is all praise for the industry-friendly ecosystem of the state. He said that he is looking forward to the investment of his company in Telangana.