Foxconn hopes to double its revenue through Telangana investment

Though headquartered in Taiwan, the company earns most of its revenue from assets in mainland China and is one of the largest employers worldwide.
Foxconn chairman Young Liu called on Chief Minister K Chandrasekhar Rao at Pragathi Bhavan in Hyderabad on Thursday
Foxconn chairman Young Liu called on Chief Minister K Chandrasekhar Rao at Pragathi Bhavan in Hyderabad on Thursday

HYDERABAD: Foxconn chairman Young Liu expects to double his company’s turnover with the mammoth investment in Telangana, which is scheduled to create 1 lakh jobs in the state. Telangana has been attracting investors with its vibrant ecosystem and rich talent.

Liu said he aims to increase Foxconn’s revenue from $200 billion to $400 billion by investing in Telangana, and he believes it is very possible with the speed of the state’s development. He praised the development of Hyderabad and the T-Works facility, saying he was amazed by what he saw immediately after stepping off the plane.

“I wish my company could realize $400 billion under the leadership of Chief Minister K Chandrasekhar Rao and IT & Industries Minister KT Rama Rao. In the span of eight years, Telangana has seen massive development, and in the same way, I expect my company to grow double in this state,” Liu said.

Foxconn is ranked 20th in the 2022 Fortune Global 500 and is the world’s largest technology manufacturer and service provider. Though headquartered in Taiwan, the company earns most of its revenue from assets in mainland China and is one of the largest employers worldwide.

Liu also expressed admiration for T-Works and said he would like to partner with the facility by donating an SMT (Surface Mount Technology) line used for assembling high-end electronics circuit boards. “T-Works as a concept is incredible. With such a facility, people can do so many things. I am impressed by the speed with which this world-class facility has been built. I am amazed by the kind of development that has happened in Telangana in the last seven years,” he added.

Established in 1974, Foxconn manufactures electronic products for major American, Canadian, Chinese, Finnish, and Japanese companies. Notable products manufactured by Foxconn include the BlackBerry, iPad, iPhone, and Kindle. In 2015, Foxconn announced that it would be setting up 12 factories in India and would create around one million jobs.

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