Foxconn Eyes Hyderabad Investment: Telangana Pitches 'Fourth City' Project
Aug 16, 2024 14:11
Taiwanese electronics giant Foxconn is exploring investment in Hyderabad, Telangana, with the state offering incentives and a new 'fourth city' project focused on education, medicine, and industry.
Photograph: Quinn Glabicki/Reuters
Hyderabad, Aug 16 (PTI) Taiwanese electronics major Foxconn has expressed interest in exploring investment opportunities in Hyderabad, Telangana government said on Friday.
Foxconn Chairman Young Liu met with Telangana Chief Minister A Revanth Reddy in New Delhi and the latter invited the company to invest in a proposed "fourth city" to be developed on the outskirts of Hyderabad.
Reddy assured Liu of full support, including necessary permits and incentives, for setting up factories in the state.
"Liu said Foxconn is eager to explore investment opportunities in Hyderabad," an official statement from the Telangana government said.
The Foxconn chairman noted that Hyderabad has the potential to expand in all sectors, including industrial and service sectors.
Liu announced plans for an initial visit by a team led by Foxconn's Chief Campus Operations Officer Kathy Yang and India 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 it would focus on multifaceted growth in sectors such as education, medicine, sports, electronics, electrical industries, and skill development.
The city will also feature a Young India Skill Development University.
Industrialists Anand Mahindra and Srinivasa Raju have been appointed as Chairman and Vice Chairman of the university, respectively.
State IT and Industries Minister D Sridhar Babu briefed Liu on the government's pro-industrial policies, incentives, and international collaborations aimed at boosting industrial development.
Foxconn, a major supplier to Apple, has been expanding its presence in India as tech companies seek to diversify production away from China.
The meeting signals growing interest from global tech firms in Hyderabad, which is already home to companies like Microsoft and Google.
Several high-ranking officials from both the Telangana government and Foxconn were present at the meeting.
Neither Foxconn nor the Telangana government provided details on the size or nature of potential investments discussed.
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