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Telangana, K’taka & Andhra Pradesh Offer Land To Woo Foxconn

Inc42 · 1y ago

Telangana, K’taka & Andhra Pradesh Offer Land To Woo Foxconn

The Telangana state government has offered Foxconn 2,000 acres of land, while the Andhra Pradesh government has offered 2,500 acres and Karnataka authorities have offered 300 acres. Foxconn is considering setting up facilities in these states as it looks to diversify its operations outside of China due to ongoing tensions between China and the US.

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Southern states look to outfox each other in hunt for a Foxconn ‘city’

Economic Times

Economic Times · 1y ago

Southern states look to outfox each other in hunt for a Foxconn ‘city’

Taiwanese electronics manufacturer, Foxconn, is being offered land parcels in Telangana, Karnataka, and Andhra Pradesh to set up industrial parks or cities. The Telangana government has offered 2,000 acres for the establishment of a 'Foxconn City' modelled after the company's facilities in China and Taiwan. Karnataka has provided 300 acres for a supplier park, while Andhra Pradesh has offered 2,500 acres for an industrial park. Foxconn has expressed interest in building an industrial township near Chennai, creating a self-sufficient city with housing and basic amenities for workers. The expansion in India aims to decrease Foxconn's reliance on Chinese facilities.

Land, power, skill: Inside the high-stakes battle to build the next Foxconn City

Livemint

Livemint · 9m ago

Land, power, skill: Inside the high-stakes battle to build the next Foxconn City

Over 400 women working at a mobile phone manufacturing facility in Chennai, India fell ill due to poor living conditions at the factory's hostel. Following protests, the government and the company, Foxconn, took action to address the issue. In August 2021, a large industrial housing complex was inaugurated to improve living conditions for workers. Foxconn is also looking to establish similar "Foxconn City" models in other Indian states, including Karnataka, Andhra Pradesh, and Telangana, to further enhance employee welfare. The states are competing to attract Foxconn's investment by offering infrastructure, land, and skilled workforce.

Ardee Engineering gets final nod from SEBI for Rs 580 crore IPO

Economic Times

Economic Times · 2d ago

Ardee Engineering gets final nod from SEBI for Rs 580 crore IPO

Ardee Engineering has received approval from SEBI to raise Rs 580 crore through an IPO, comprising a Rs 500 crore fresh equity issue and an Rs 80 crore Offer for Sale by the promoter. Funds will be used for new manufacturing facilities in Telangana and Andhra Pradesh, debt repayment, and corporate purposes. The Hyderabad-based company's clients include renowned brands like ArcelorMittal, serves sectors like e-commerce and defense, and reported Rs 620 crore revenue in FY24.

EV maker River Mobility to build ₹1000 crore facility

Internet

Internet · 1y ago

EV maker River Mobility to build ₹1000 crore facility

River Mobility, a Bengaluru-based EV startup, plans to invest ₹1,000 crore in a new 25-50 acre facility, producing 5 lakh vehicles annually. They're in talks with Andhra Pradesh, Tamil Nadu, Karnataka, and Telangana. CEO Aravind Mani stated that their $68 million funding from Yamaha and Toyota will help fund it.

PM Modi Meets Foxconn Chief, Discuss India Investment Plans

Inc42 · 1y ago

PM Modi Meets Foxconn Chief, Discuss India Investment Plans

PM Narendra Modi and Foxconn chairman Young Liu discussed the company's investment plans in states like Karnataka, Tamil Nadu, and Andhra Pradesh. Liu also met with senior Mizoram official Jonathan Lalremruata to explore potential investments in the state. Furthermore, Liu is scheduled to meet with Karnataka CM Siddaramaiah and state industries minister MB Patil on August 16.

Cognizant to create 8,000 jobs with Rs 1,583 crore IT campus in Visakhapatnam

Economic Times

Economic Times · 2m ago

Cognizant to create 8,000 jobs with Rs 1,583 crore IT campus in Visakhapatnam

Cognizant plans to establish a world-class IT and ITES campus in Visakhapatnam with an investment of Rs 1,583 crore, expected to create 8,000 jobs. The Andhra Pradesh government will provide land at a nominal rate, and the campus aims to start operations by March 2029. The initiative marks a significant boost to the region's IT ecosystem, with Cognizant seeking over 21 acres of land for this venture.

Foxconn’s Bharat FIH is facing turbulence due to top-level exits

Economic Times

Economic Times · 1y ago

Foxconn’s Bharat FIH is facing turbulence due to top-level exits

Foxconn subsidiary Bharat FIH has reportedly lost three independent directors in the past three months and is likely to close its manufacturing facility in Sri City, Andhra Pradesh. The potential closure is a result of a significant decrease in orders from its major client, Xiaomi. Bharat FIH's overreliance on Xiaomi has left the company vulnerable in the face of changing market conditions.

Data theft probe: SIT finds over 2 crore Punjabis Aadhaar data in hard disks

Entrackr

Entrackr · 1y ago

Data theft probe: SIT finds over 2 crore Punjabis Aadhaar data in hard disks

In an ongoing data theft probe, the Special Investigation Team (SIT) has found an additional two crore records of Aadhaar data belonging to Punjab. Earlier, about 7.82 crore records of Aadhaar data of Telangana and Andhra Pradesh found in hard disks seized from IT Grids private limited. UIDAI CEO had denied the reports. The SIT officials are examining the data retrieved from the hard disks. (Source)

Andhra Pradesh CM Naidu turns heat on defaulters in green energy space

Economic Times

Economic Times · 25d ago

Andhra Pradesh CM Naidu turns heat on defaulters in green energy space

Andhra Pradesh Chief Minister N. Chandrababu Naidu's government is scrutinizing renewable energy projects worth ₹4 lakh crore, targeting developers hoarding land without progress. The crackdown involves reclaiming stalled green energy potential by canceling non-compliant projects, illustrated by recent cancellations including Sreeja Infrastructure's 328 MW wind project. This initiative, impacting 60 GW capacity, stresses accountability and aims to achieve the state's 160 GW renewable energy capacity target by 2030, urging timely project execution over land hoarding.

Race for GCCs now in heightened state(s)

Economic Times

Economic Times · 8m ago

Race for GCCs now in heightened state(s)

Several Indian states, including Madhya Pradesh, Uttar Pradesh, Telangana, and Andhra Pradesh, are vying to attract global capability centers (GCCs) by drafting their own policies and offering incentives. These states are looking to establish back-office hubs outside the traditional tech hotspots of Bengaluru and NCR. They are focusing on infrastructure development, talent enhancement, and financial incentives to attract multinational companies to set up GCCs. Meanwhile, states like Gujarat and Tamil Nadu are also offering incentives and proposing reforms to attract GCCs and create high-paying jobs. Bengaluru currently leads in GCCs followed by NCR, Hyderabad, Pune, and Mumbai. Nasscom estimates that GCCs in India will contribute around $100 billion to the country's GDP by 2030.

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