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.
NEW DELHI - 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.
India’s new $6.65 billion production-linked incentive 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 said that as a matter of policy it did not comment on specific operations or work for any customer. Apple, Wistron, Pegatron and India’s technology ministry, which formulated the PLI scheme, did not respond to emails seeking comment.
Foxconn, which also assembles devices for Xiaomi in India, already has enough capacity to meet Xiaomi’s needs and is likely to use the PLI plan largely to boost iPhone production, a fourth source said.
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