iPhone Makers Win Nod for $143 Billion India Manufacturing Plan
Apple’s primary suppliers and Samsung were among 16 companies that won approval to manufacture products in India.
(Bloomberg) -- Major iPhone assemblers for Apple Inc. were among 16 companies that won approval to manufacture products in India under a plan aimed at attracting investment of more than 10.5 trillion rupees ($143 billion) for mobile-phone production over the next five years.
Apple’s primary suppliers -- Foxconn Technology Group, Wistron Corp., Pegatron Corp. -- and Samsung Electronics Co. were among a list of global firms that were cleared by India’s Ministry of Electronics and Information Technology, according to statement on Tuesday. About 60% of the total production, or 6.5 trillion rupees, is expected to be exported in the next five years, it said.
India is attempting to lure the world’s biggest smartphone brands to make their products locally for global export with its Production Linked Incentive program, which signposts plans to increase manufacturing inducements each year. Following clashes with China along its disputed Himalayan border earlier this year, New Delhi is seeking to woo companies looking to diversify their manufacturing bases away from China, as a growing global trade war and the Covid-19 pandemic have focused minds on the risks to supply chains.
Local manufacturers Lava, Padget Electronics Pvt., UTL Neolyncs and Optiemus Electronics Ltd. were also approved under the plan.
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