Taiwanese contract manufacturer Foxconn plans to invest

Solution

As per the information given below, the correct answer is option C. Foxconn, a Taiwanese contract manufacturer, has announced plans to invest Rs 4,000 crore in a new electronics manufacturing facility in Hyderabad, Telangana. The facility will cover an expansive area of 200 acres and is expected to generate approximately 25,000 job opportunities. The facility, covering an area of 200 acres, will focus on manufacturing electronic equipment and connectors for various original equipment manufacturers (OEMs). The groundbreaking ceremony for the facility, Foxconn Interconnect Technology (FIT), occurred at Kongara Kalan in Hyderabad. KT Rama Rao, the Minister of Industries and Commerce, and Sidney Lu, the Chairman and CEO of FIT, attended the ceremony. This investment by FIT reinforces the efforts made by the Government of Telangana to create a conducive ecosystem and infrastructure that supports the global electronics manufacturing industry. The collaboration between the Government of Telangana and FIT is seen as a catalyst for the region’s economic growth. A joint statement issued by the State government and Foxconn emphasized that the proposed manufacturing facility would serve as a hub for FIT’s operations in Telangana, representing a milestone in FIT’s global expansion strategy, aiming to diversify its manufacturing base on a worldwide scale.