Apple’s Top 3 Suppliers To Invest $900 Million In India

Bengaluru: Apple’s three top contract manufacturers have planned to pump in a total of almost $900 million (Rs 6,600 crores approx) in India in the next 5 years. The investment will help them gain from a new production-linked incentive (PLI) plan.

Foxconn, Wistron and Pegatron want to take advantage of India’s new $6.65 billion production-linked incentive (PLI) scheme that will give firms cash incentives on any increase in sales of locally-made smartphones over the next five years.

The scheme is designed to make India an export manufacturing hub.

Foxconn intends to invest about $542 million, while Wistron and Pegatron are looking to close to 13 billion rupees and 12 billion rupees respectively, under the PLI plan.

Industry insiders have said the majority of the investments would be used to expand iPhone manufacturing in India.

Wistron assembles roughly 2 lakh second-generation iPhone SEs per month in India and is looking to scale it to 4 lakh units a month. This would create roughly 10,000 jobs.

Pegatron will start its Indian operations and is in talks with states to set up a plant. Tamil Nadu is the frontrunner, sources said.

Foxconn assembles devices for Xiaomi and iPhone in India.

The PLI investment would help Apple diversify its supply chain beyond China.

Apple has been assembling low-cost iPhones in India through Wistron in Bengaluru since 2017.

Also Read: Apple Launches Its Own Online Store In India

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