Three of Apple Inc’s top contract manufacturers plan to invest a total of almost $900 million in India in the next five years to tap into a new production-linked incentive plan, according to two sources familiar with the matter.Foxconn, Wistron, and Pegatron all plan to make investments under the scheme said the sources, who asked not to be named as the discussions are private.
India’s new $6.65 billion production-linked incentive (PLI) scheme offers companies cash incentives on any increase in sales of locally-made smartphones over the next five years, compared with 2019-20 levels.The scheme aims to help transform India into an export manufacturing hub.
Foxconn has applied to invest about ₹4,000 crores ($542 million), while Wistron and Pegatron have committed to invest close to ₹1300 crore and ₹1200 crore, respectively, under the PLI plan, the sources said.
It is unclear whether all of the investments will be targeted at boosting the manufacturing of Apple devices in India, but the sources and industry insiders said the vast majority would be focused on expanding iPhone manufacturing in the country.While Foxconn, Pegatron, and Wistron make devices for companies other than Apple globally, Wistron’s arm in India currently assembles only iPhones.
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