Foxconn's $300 million plant to take off on May 15

HYDERABAD: The $300 million electronics manufacturing facility of Foxconn, Taiwanese multinational electronics contract manufacturer, is all set to take off on May 15 in Telangana.

The TS Industrial Infrastructure Corporation (TSIIC) of the Telangana state government would be handing over the 187-acre land parcel in Kongarakalan on the city outskirts by the end of this month to the company for the project. Official sources said that the government has allocated the land to Foxconn for nearly Rs 200 crore.

 Industries minister K.T.Rama Rao will perform a ground-breaking ceremony on May 15 and formally launch the construction works of the manufacturing plant. Following Foxconn's ground-breaking ceremony, Rama Rao will also undertake a week-long tour to the US to attract investments into Telangana.

Foxconn chairman Young Liu and his team met Chief Minister K. Chandrashekar Rao, and Industries Minister K.T.Rama Rao at Pragathi Bhavan on March 2. Following the meeting, the Chief Minister's Office (CMO) issued a press release stating that Foxconn will set up an electronic manufacturing facility in the state, which would generate one lakh jobs in 10 years. Further, it stated that Foxconn and the state government have signed an agreement in this regard.

However, on March 4, Foxconn issued a clarification from Taipei stating that it did not enter into any "binding, definitive agreements" in India during its chairman and CEO Young Liu's recent visit to the country. This not only created confusion over Foxconn's plant in Telangana but also caused embarrassment to the state government. Finally, Young Liu cleared the doubts surrounding the Foxconn plant by writing a letter to CM on March 6 stating, "As discussed with you during our meeting on March 2, Foxconn is committed to setting up a manufacturing facility in Kongarakalan and I seek the support of your team in operationalizing the Kongarakalan Park  as early as possible."