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 familiar with the matter.
Foxconn, Wistron and Pegatron all plan to make investments under the scheme, said the sources, who asked not to be named as the discussions are private.
Government’s new $6.65 billion production-linked incentive (PLI) scheme offers companies 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 help transform India into an export manufacturing hub.
Foxconn has applied to invest about Rs 4,000 crore ($542 million), while Wistron and Pegatron have committed to invest close to Rs 130 crore and Rs 120 crore, respectively, under the PLI plan, the sources said.
It is unclear whether all of the investment