Groundbreaking ceremony of Foxconn unit likely on May 15 in Telangana

The consideration for the Proposed Land Acquisition will be determined through negotiations between the parties with reference to market conditions.
The Foxconn logo (File photo |AP)
The Foxconn logo (File photo |AP)

HYDERABAD: The groundbreaking ceremony for the manufacturing unit of Taiwan-based Foxconn, one of the largest electronics manufacturers in the world, is likely to take place in Kongara Kalan on May 15.  Following the company’s proposal, the Telangana State Industrial Infrastructure Corporation (TSIIC) allotted 186.7 acres of land in Kongara Kalan, which falls under Ibrahimpatnam mandal, subject to separate approvals from the Indian authorities for a proposed Rs 196 crore.

According to Foxconn Interconnect Technology Limited, the land has been proposed for the purpose of constructing, among others, factories, research and development centres and dormitories. The consideration for the Proposed Land Acquisition will be determined through negotiations between the parties with reference to market conditions.

It is believed that Foxconn is very likely to manufacture Apple AirPods from this unit with an investment of $200 million, which is over Rs 1,600 crore. The Taiwan-based electronics manufacturer is planning to commence production in 2024. This is part of the company’s plan in ramping up investment outside China, thereby reducing the dependency on production from its country. It was on March 2 that Chief Minister K Chandrashekhar Rao and company chairman Young Liu discussed their investment plans in Telangana. After news reports surfaced saying that Foxconn’s investments in India are not final, Liu also confirmed that it is committed to setting up a manufacturing facility in Kongara Kalan.

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