The board of directors of FIT Hon Teng Ltd (Foxconn) approved the investment of $400 million in Telangana, its India representative V Lee said in a social media post.
Taiwan-based contract manufacturer Foxconn is Apple’s biggest supplier.
“FIT Singapore’s proposal to make a capital injection of $400,000,000 to Chang Yi Interconnect Technology (India), which is held by FIT Singapore as to 99.99 per cent of the capital stock,” FIT Hon Teng informed the Hong Kong Stock Exchange on Friday.
Posting the company’s disclosure on his social media handle, Lee said: “Moving so fast, Telangana! Another US$ 400M is coming.”
Reacting to the post, Telangana minister for IT and Industries K.T. Rama Rao tweeted that the fresh investment proposal was in addition to the already committed $150 million.
“Our friendship with Foxconn 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,” Rama Rao said.
