Minister for ITE&C and Industries, Government of Telangana, K T Rama Rao met Mr. Young Liu, Chairman of Foxconn today in New Delhi.
Taiwan-based Hon Hai Technology Group (Foxconn) (TWSE: 2317) is one of the leading electronics manufacturing services (EMS) provider globally and is one of the largest suppliers for many top tier international customers. Foxconn has manufacturing units in Tamil Nadu and Andhra Pradesh. In 2021, Hon Hai‘s annual revenue reached USD 206 billion worldwide. The company ranked 22nd on the Fortune Global 500 in 2021.
During the interaction, Minister and Young Liu discussed Foxconn’s plans of expanding its footprint in India. Minister KTR also took the opportunity to pitch Telangana to the officials from Foxconn corporation present during the meeting for potential investment opportunities.
KTR further briefed Young Liu on the initiatives undertaken by State Government towards creating an enabling environment and infrastructure for fostering electronics manufacturing in Telangana. Young Liu was pleased to note the progress made by the State in last 08 years.
Chairman Liu discussed the company’s future plans and said, “India is an attractive manufacturing destination, and we would like to see how we can expand our manufacturing footprint. Our India experience has been exciting, and we look forward to explore the opportunities that Telangana as a state offers.”
Minister KTR said, “Foxconn is one of the biggest employers globally in the domain of Electronics manufacturing. We are excited about their decision to venture into EV manufacturing too. I assure the company of the best support possible from Telangana and invite the team to explore Telangana.”
Telangana has emerged as a preferred investment destination for investments in electronics sector and boasts of a vibrant R&D and innovation ecosystem. The State is equipped with robust industrial infrastructure and is well positioned to meet the requirements of global majors.
Principal Secretary ITE&C, I&C Jayesh Ranjan and Director Electronics Sujai Karampuri were also present during the meeting.