Apple's Contract Manufacturer Pegatron Approve $150 million "Make in India" Investments

By siliconindia  |  Monday, 23 November 2020, 07:30:16 PM IST

Apple's Contract Manufacturer Pegatron Approve $150 million

The Board of Apple’s second largest contract manufacturer Pegatron approves an initial investment worth $150 million for building manufacturing facilities in India. A top company executive revealed.

Pegatron’s new facility in India is expected to start production in the second half of the year 2021 or by the beginning of 2022. The company has plans to make more investments in India over the next two years, Liao Syh-jang, the company CEO revealed in an investor conference last week.

Pegatron, along with two other Apple suppliers Foxconn and Wistron has been cleared by the Central Government’s Production-linked Incentive (PLI) scheme which kickstarted back in August 2020.

Pegatron had already started its operations in India back in September with the appointment of statutory auditors and remittance of Rs 1 crore towards initial subscription of equity shares.

Apple had already started investing in local Assembly of iPhones in India as it looks to diversify out of China on the backdrop of heightened US-China tensions. IT Minister Ravi Shankar Prasad earlier this week acknowledged the fact that Apple had already shifted nine of its production unit from China to India during the Covid-19 period.

Under the PLI scheme, Pegatron needs to meet the target of producing handsets worth Rs 4000 Crore in the very first year of the scheme which starts at March 2021.

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