Apple, Foxconn Investing $1 Billion in India to Ramp up iPhone Manufacturing
Apple and its manufacturing partners are planning to invest a total of up to $1 billion (around Rs. 7,000 crore) in India equally the companies try to hedge their risk and counter further negative fallout from the escalating trade war betwixt the US and China. According to an unnamed 'official source' quoted by The Times of India, "Apple will be investing $1 billion in India through its partners. They have said the production will be used for coming together the demand for its products across global markets".
Equally per the report, Taiwanese contract manufacturer, Foxconn, volition be 1 of the biggest investors, whose new facility in Chennai will be used to manufacture products for Apple'southward global markets. A big number of component suppliers to Apple tree are as well expected to brand substantial investments in the region as function of company's push to shift at least some of its manufacturing from Cathay.
It'south worth noting that Apple tree merely recently started exporting 'Made in India' iPhones globally after its partners Foxconn and Wistron started assembling iPhone units in the country every bit part of the Indian Government's 'Make in India' initiative. While Wistron-made iPhone units are largely meant for the Indian market, Fonconn-made iPhone X-serial devices are also exported internationally.
Alongside the massive investment from its manufacturing partners and component suppliers, Apple itself is also looking to put in about Rs. i,000 crore (around $140 million) of its own money into the country over the next few months. According to a contempo report by the same publication, the visitor will use that money to establish an online selling platform as well equally open three Apple retail stores beyond major cities in India post-obit the blessing of 100-percent FDI in unmarried brand retail in the land.
Source: https://beebom.com/apple-foxconn-investing-1bn-usd-india-production/
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