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.Foxconn, Wistron and Pegatron all plan to make investments under the scheme, said the sources, who asked not to be named.The $6.65 billion production-linked incentive (PLI) scheme offers firms 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 make India an export manufacturing hub. Foxconn has applied to invest about ₹4,000 crore, while Wistron and Pegatron have committed to invest close to ₹1,300 crore and ₹1,200 crore, respectively, under the scheme, the sources said. It is unclear whether all of the investment will go into making Apple devices, but the sources and industry insiders said the vast majority would be focussed on expanding iPhone manufacturing. Foxconn said as a matter of policy it did not comment on specific operations. Apple, Wistron, Pegatron and the IT Ministry did not respond to e-mails seeking comment.
A letter from the Editor
Dear subscriber,Thank you!Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.Suresh Nambath