Foxconn, Nokia Among Firms Selected for India Telecom Package
(Bloomberg) -- The local units of Foxconn Technology Group and Nokia Oyj were among companies selected for an output-linked incentive program to start manufacturing in India, the communications ministry said on Thursday.
The five-year plan, retrospectively effective April 1 this year, offers subsidies on investment for domestic handset and other telecom equipment production, according to a statement from the government. Local companies including Tejas Networks Ltd., ITI Ltd. and HFCL Technologies were also selected for the program.
Prime Minister Narendra Modi has launched an ambitious Make-in-India plan, that encourages companies to produce locally, as the government tries to lure manufacturing plants away from China. The selected companies under the telecom plan are expected to invest 33.45 billion rupees ($444 million) in the next four years, generating an additional 40,000 jobs, the government said.
Other foreign companies selcted under the plan are:
- Commscope India Pvt.
- Flextronics Technologies India Pvt.
- Jabil Circuit India Pvt.
- Rising Stars Hi-Tech Pvt.
- Sanmina-SCI India Pvt.
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