iPhone Maker Pegatron Approves Rs 1110 Crore Initial Investment For A New Factory In India Under PLI Scheme

Apple Inc's second-largest contract manufacturer Pegatron's board has green-lighted an initial investment of $150 million (Rs 1,110 crore) to build manufacturing facilities in India, reports Economic Times.

The Taiwanese smartphone manufacturing giant is expected to begin production from the upcoming Indian facility in the second half of next year or in early 2022. Further, the company plans to make more successive investments in the next two years.

According to a report in Taiwanese local media, Pegatron’s CEO Liao Syh-jang informed an investor conference last week that company’s factory in India is expected to start production in the second half of next year or in early 2022 and the company plans to make more investments in India over the next two years.

The company had registered its subsidiary in India in July last year and is the only one of the three contract manufacturers of Apple Inc to still begin operations in India. The other two, Wistron and Foxconn have already been manufacturing smartphones in India.

It should be also be noted that all the three companies have been selected under the Government's production linked incentives (PLI) scheme which had been kickstarted on 1 August this year. Under the scheme, Apple Inc's contract manufacturers will be manufacturing smartphones worth $50 billion in India over the next five years, a bulk of which will be for exports.