Apple’s Top Contract Manufacturers To Invest Rs 6,600 Crore

Apple’s top three contract manufacturers invest Rs 6,600 crore in India in the next five years. The three top contract manufacturers of iPhone maker Apple are planning to invest $ 900 million (Rs 6,600 crore) in India in the next five years.

Contract manufacturers want to make this investment under the new Production Linked Incentive (PLI) plan. This information has been given by two sources related to the case. Sources on condition of anonymity said that Apple’s top contract makers, Faxcans, Veterans, and Pegtrans, are planning to invest under the PLI scheme.

India’s $ 6.65 billion new production-linked incentive scheme offers cash incentives from companies to increase sales of locally manufactured smartphones for the next five years. The scheme is aimed at developing India as a hub of export manufacturing.

Sources in the news agency Reuters said that Faxakan has applied for an investment of around $ 542 million (Rs 4,000 crore) under the PLI plan. While Vistran and Pegtron have decided to invest Rs 1300 crore and Rs 1200 crore respectively.

However, it is not clear whether the entire investment will be for manufacturing Apple devices in India or for any other. Sources and people associated with the industry believe that a major part of this investment will be used for Apple itself.

Foxconn, Wistron and Pegtron also make devices for Apple and other companies globally. Currently, Wistron’s branch assembles only iPhones in India. Wistron assembles around 200,000 second generation iPhones in India every month. It is now planning to assemble 400,000 iPhones every month by the end of the year. According to sources, this scheme will create around 10,000 jobs.

Today, on the second trading day of the week i.e. Tuesday, the stock market opened again on the green mark. Bombay Stock Exchange’s flagship index Sensex rose 170.45 points to open at 38151.77 level.

At the same time, the National Stock Exchange’s Nifty opened with a gain of 44.40 points at 11271.95. The domestic stock market closed on the previous trading day. The Sensex was up 592.97 points at 37981.63 and the Nifty was up 177.30 points at 11227.55.