Three Apple contacts manufacturers to invest almost $900 million in India — Apple World Today

Three of Apple’s top contract manufacturers — Foxconn, Wistron, and Pegatron —  plan to invest a total of almost US$900 million in India in the next five years to tap into a new production-linked incentive plan, reports Reuters, quoting two unnamed “sources familiar with the matter.”

India’s $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. Reuters says Foxconn has applied to invest about 40 billion rupees ($542 million), while Wistron and Pegatron have committed to invest close to 13 billion rupees and 12 billion rupees, respectively, under the PLI plan.