Apple partner Foxconn to pump money to set up unit in India
To diversify its operations beyond China, Apple partner Foxconn has reportedly signed an investment deal with the Telangana government. The understanding is aimed at manufacturing electronics and is expected to create 100,000 jobs in India.
The deal has been signed by Foxconn Chairman and CEO Young Liu, who is on an India visit and KT Rama Rao, Minister for IT E&C, MA&UD and Industries & Commerce Departments of Telangana government.
Liu and Rao jointly inaugurated T-Works, a state-of-the-art prototyping facility, that would accelerate India’s journey toward becoming a leader in product innovation.
Speaking at the event, Rao said “T-Works has developed significant products including the ventilator, electric vehicles, and agricultural innovation in collaboration with rural innovators usine state-of-the-art equipment. This is a testament to the kind of product innovation and design thinking that is bound to happen at this world class facility.”
Rao also spoke about the unwavering power of collaboration between countries like India and Taiwan, “IT for me not only stands for Information technology, it represents India and Taiwan. With India’s software prowess and Taiwan’s Hardware expertise, we can lead an industrial revolution and enable youngsters to come out with world class products.”
“T-Works as a concept is incredible,” said Young Liu. “With such a facility, people can do so many things. I am impressed by the speed with which this world class facility has been built. I am amazed by the kind of development that has happened in Telangana in the last 7 years.”
Phase 1 of the 78,000 square foot facility is located in a 4.79-acre campus providing over 200 industry-grade tools worth 11.5 cr. This is expected to grow by 10 times over the next 12 months.
Sujai Karampuri, CEO T-Works, while addressing the attendees, said “T-Works is a foundational step in the scheme of an industrial revolution but a giant leap for the entrepreneurs and makers who will take us there. It’s not just the building and the equipment, it’s the know-how that comes with the 60-member strong team. Collaboration among various disciplines is the value that we bring at T-Works.”