Wistron, Foxconn investments to boost Apple’s business in India

The proposed investments by two of Apple’s key contract manufacturers could give the much-awaited booster shot to Cupertino-headquartered firm’s business in India. The investment proposals from Taiwanese contract manufacturers Wistron and Foxconn come at a time when Apple is in trouble in the world’s fastest-growing major market for smartphones.

On Tuesday Union Minister for electronics and information technology, Ravi Shankar Prashad said that an investment proposal submitted by Wistron – worth Rs 5,091 crore – has been approved by the Ministry of Electronics and Information Technology (Meity) and is now due for cabinet approval. Foxconn – another global manufacturer for Apple – has also submitted a proposal worth Rs 2,500 crore to ramp up its manufacturing base in India.

Wistron is already assembling two of the older iPhone models – iPhone SE and 6S – in India. Once the new investment comes in, Apple is expected to source newer models like the iPhone 8 series locally. Wistron has already secured a 43-acre plot near Bangaluru to set up a new plant for the same.