Foxconn commits to setting up new electronics manufacturing factory in Telangana, India

Foxconn, the Taiwanese electronics conglomerate, will build a manufacturing plant in Telangana, potentially employing over 1,00,000 people.In an official statement, Foxconn, who are the OEM or original equipment maker for various electronics and mobile components for Apple and a bunch of other tech businesses, said that the new factory will generate approximately one lakh jobs, and contribute to direct and secondary employment for the people of Telangana.This development comes as Foxconn increasingly distances itself from China and tries to pivot its production facilities away from China. The statement was made following a discussion between Foxconn Chairman Young Liu and Telangana Chief Minister K Chandrasekhar Rao.Earlier this week, Liu, who is on a visit to India, conferred with Prime Minister Narendra Modi.The state administration and Foxconn did not reveal the amount of funding or the products that would be manufactured in the state.PM Modi's Make in India initiative and several other financial benefits, some of which have been set up by states, have prompted Apple vendors Foxconn, Wistron Corporation, and Pegatron Corporation to not only set up their operations in India but also expand beyond what they had initially plannedFoxconn, in particular, is seeking to expand outside of China, where a Covid-19 flare-up disrupted its largest iPhone factory. In addition, the business is quickly expanding into higher-margin goods like electric cars and their components.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram