Three top Apple suppliers plan to invest a total of almost $900 million in India over the next five years to tap into a new Indian government production-linked incentive plan.
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.
It is unclear whether all of the investment will be targeted at boosting 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.
Wistron, which assembles roughly 200,000 second-generation iPhone SEs per month in India, plans to scale that up to 400,000 a month by the end of the year, one of the sources said, as it looks to cater to export demand for the device.
That plan is expected to create roughly 10,000 jobs, the source added.
MacDailyNews Take: Every Apple production egg taken out of the China basket and diversified in India and elsewhere is a Good Thing™.