“…FIT Singapore’s proposal to make a capital injection of US$ 400,000,000 to Chang Yi Interconnect Technology (India) Private Limited, which is held by FIT Singapore as to 99.99 per cent of the capital stock,” FIT Hon Teng knowledgeable the Hong Kong Stock Exchange on Friday.
Posting the corporate’s disclosure on his social media deal with, V Lee stated “Moving so fast, Telangana! Another US$400M is coming.”
Reacting to V Lee’s submit, Telangana Minister for IT and Industries KT Rama Rao tweeted on Saturday saying the contemporary funding proposal is along with the already dedicated USD 150 million earlier.
“Our friendship with Foxconn Group remains steadfast, each of us delivering on mutual commitments. With total infusement of $550m (adding previous $150m), FIT is poised to deliver on its promises in Telangana. This once again proves Telangana Speed,” Rama Rao tweeted on X.
Electronics main Foxconn Interconnect Technology in May laid the inspiration for a brand new electronics manufacturing facility in Telangana as a part of its USD 500 million funding within the state.
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The proposed electronics manufacturing facility at Kongara Kalan close to here’s a milestone for the Taiwanese agency’s international enlargement technique – diversifying its international manufacturing base, a press launch had earlier stated. The proposed facility will function a hub for Foxconn Interconnect Technology’s operations in Telangana permitting the agency to broaden its manufacturing capability, it stated.
Earlier this 12 months, Foxconn Technology Group chairman Young Liu alongside together with his senior officers met Telangana Chief Minister K Chandrasekhar Rao right here.
Source: economictimes.indiatimes.com