iPhone assembler Pegatron Board gives nod for initial investment of $150 million in India: Report
By MYBRANDBOOK
The board of Pegatron has agreed for an initial investment of $150 million (Rs 1100 crore) for building manufacturing facilities in India, as per news source. Pegatron is the second largest contract manufacturer.
It is expected that Pegatron’s India facility will start operation in the second half of next year or in early 2022. The company also has plans to make more investments in India over the next two years, CEO Liao Syh-jang had said in an investor conference.
The iPhone contract manufacturer registered its India subsidiary in July this year and due to the pandemic it has been harder for Pegatron staff to visit India, resulting in delays.
Pegatron, along with other two Apple suppliers Foxconn and Wistron, has been cleared to avail sops under the central government’s production-linked incentive (PLI) scheme which kick started on August 1, 2020. Under the scheme, Apple will locally produce devices worth around $50 billion over five years, a bulk of which will be for exports, according to government data.
Out of the three Apple’s suppliers, Pegatron doesn’t have operations in India. It will start availing of the incentives under the PLI scheme only from April 1, 2021.
In fact, the company started business operations in India this September with the appointment of statutory auditors and remittance of Rs 1 crore towards initial subscription of equity shares.
Apple though has placed Pegatron on probation for violating its supplier code of conduct involving student workers at Pegatron factories in China.
The CEO has said that the company will not let something like this happen again.
Government officials in India though say that the development may not derail the Taiwanese vendor’s plans in India, as per news source.
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