Tata Sons shell out Rs 11,000 crore for iPhones in India
By MYBRANDBOOK
Tata Sons is planning to set up a mobile phone and component manufacturing plant in Tamil Nadu to make iPhone parts and is seeking up to $1 billion through overseas loans for the same.
The alliance with Apple will be part of Prime Minister Narendra Modi’s “Make in India” push. The Tata Group will avail the benefits under the recently unveiled PLI (productivity-linked incentive) scheme of the Modi government.
The government in March announced a scheme that aims to give companies incentives on incremental sales from products manufactured in domestic units, just as to reduce India’s dependence on China.
The scheme is applicable for mobile and allied equipment as well as pharmaceutical ingredients and medical devices manufacturing. As these sectors are labor-intensive, it is expected to cater to the growing employment demands of the country.
The aim of a PLI scheme is to incentivize and invite global, capital-rich companies to set up capacities in India. This scheme which is aimed at turning India to a global electronics manufacturing powerhouse, has got a good response for its PLI scheme from global players such as Wistron, Pegatron, Foxconn, Hon Hai, Samsung.
Among Indian firms, Lava, Dixon, Micromax, Padget Electronics, Sojo, UTL, and Optiemus have applied for benefits under the government’s PLI scheme.
According to a news report, Tata Sons is looking to secure $750 million to $ 1 billion in external commercial borrowings while mobilizing the remaining sum through internal accruals. They plan a capital expenditure of $1.5 billion for building manufacturing capacity in this area.
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