Foxconn Interconnect Technology held a ribbon-cutting ceremony Monday on a new $500 million manufacturing facility in Telangana, India. Photo courtesy of the Telangana IT and Municipal Administration Department/Twitter
May 15 (UPI) -- Foxconn Interconnect Technology held a ribbon-cutting ceremony Monday on a new $500 million manufacturing facility in Telangana, India.
The facility will be located on a 196-acre plot of land outside the city of Hyderabad, designated by the Telangana State Industrial Infrastructure Corporation. Telangana Industries Minister K.T. Rama Rao said in a statement that an agreement was entered on March 2.
"I am sincerely thankful to the entire Foxconn Group for its wonderful decision to set up Foxconn Interconnect Technology's unit in Telangana," Rao said. "The government of Telangana understands why we need to work at high speed. The chairman of Foxconn Group, Mr. Young Liu, called it Telangana Speed. We shall live up to that reputation."
Foxconn manufactures about 70% of Apple's iPhones. Eariler this year it reached an agreement with Apple to manufacture AirPods at the Telangana facility. The new factory is expected to create about 25,000 new jobs. Production is slated to begin by the end of the year.
Telangana has become one of the fastest-growing states in India, adding a diverse crop of industries over the past decade, according to Telangana Today. Foxconn expects that its new factory will further boost the state's economic growth.
"The partnership and collaboration between government of Telangana and Foxconn Interconnect Technology in making this project a reality will further embolden Telangana's growth story, as well as Foxconn Interconnect Technology's growth in India," Foxconn said in a statement. "The government of Telangana and Foxconn Interconnect Technology are confident that this investment will not only benefit Foxconn Interconnect Technology's business, but also contribute to the overall economic prosperity of the region."