Apple and its manufacturing partners plan to invest a total of up to $ 1 billion (about Rs 7 billion) in India as companies try to hedge their risk and counter the negative consequences of the escalating trade war between the United States and China. According to an unidentified “official source” cited by The Times of India, “Apple will invest $ 1 billion in India through its partners. They have said that the production will be used to meet the demand for its products in world markets.”
According to the report, Taiwanese contract maker Foxconn will be one of the biggest investors, whose new facility in Chennai will be used to make products for Apple’s global markets. A large number of Apple component suppliers are also expected to make substantial investments in the region as part of the company’s drive to change at least part of its manufacturing from China.
It’s worth noting that Apple only recently started exporting ‘Made in India’ iPhones globally after partners Foxconn and Wistron began assembling iPhone units in the country as part of the Indian government’s ‘Make in India’ initiative. While Wistron-made iPhone units are largely intended for the Indian market, Foxconn-made iPhone X-series devices are also exported internationally.
Along with the massive investment from its manufacturing partners and component suppliers, Apple itself is also seeking to contribute Rs. Rs 1 billion (about $ 140 million) of your own money in the country in the coming months. According to a recent report by the same publication, the company will use that money to establish an online sales platform, as well as to open three Apple retail stores in the main cities of India after the approval of 100 percent of FDI in the single-brand retail in the country.