Apple’s biggest supplier Foxconn eyes major investment in Hyderabad, bets big on India

Taiwanese electronics major Foxconn has expressed interest in exploring investment opportunities in Hyderabad, the Telangana government said on Friday.

Foxconn Chairman Young Liu met Telangana Chief Minister A Revanth Reddy in New Delhi and the minister invited the company to invest in the “fourth city” project to be developed on the outskirts of Hyderabad.

Reddy assured Liu that he would be given full support, including necessary permits and incentives, to set up the plant in the state.

“Liu said Foxconn is keen to explore investment opportunities in Hyderabad,” an official statement from the Telangana government said.

Foxconn Chairman noted that Hyderabad has potential for growth in all sectors, including industrial and service sectors.

Liu announced plans for the first visit by a group led by Foxconn’s facility CEO Kathy Yang and Indian representative V Lee. He said he would follow up with a personal visit later.

Outlining the development plans for the proposed ‘fourth city’, Reddy said the city will focus on multi-faceted growth in areas such as education, healthcare, sports, electronics, power industry and skill development.

The city will also have the Young India Skill Development University.

Two industrialists Anand Mahindra and Srinivasa Raju were appointed as the President and Vice-President of the university.

Minister for Industry and IT D Sridhar Babu briefed Mr Liu on the government’s pro-industry policies, incentives and international cooperation to promote industrial development.

Foxconn, a key supplier to Apple, has been expanding its presence in India as tech companies look to diversify production away from China.

The meeting reflects growing interest from global technology companies in Hyderabad, which is currently home to the headquarters of companies like Microsoft and Google.

Several senior officials from both the Telangana government and Foxconn were present at the meeting.

Neither Foxconn nor the Telangana government provided details about the size or nature of the potential investments being discussed.

One more thing! We are now on WhatsApp Channel! Follow us there so you never miss any updates from the tech world. ‎To follow HT Tech channel on WhatsApp, click This to join now!