The board of directors of Foxconn Interconnect Technologies has ratified the company’s investment of $400 million into its Telangana project, taking the total commitment to $550 million. “Our friendship with Foxconn Group remains steadfast, each of us delivering on mutual commitments. With a total investment of $550m (adding the previously announced $150m), FIT is poised to deliver on its promises in Telangana,” Telangana IT and Industries Minister K T Rama Rao has said in a tweet. It is true,” Rama Rao confirmed, replying to a query from businessline on the additional investment by Foxconn Friday evening. Early this year, Foxconn Technology Group Chairman Young Liu met with the Chief Ministers of Telangana and Karnataka to discuss the company’s proposed investments in the two States.

Source: The Hindu August 13, 2023 07:46 UTC