Taipei-headquartered Foxconn is reportedly in preliminary discussions to float an initial public offer (IPO) worth over Rs 5,000 crore ($680 million) in India. Foxconn will launch the IPO once it consolidates some group entities in India, people familiar with the matter.

Many market analysts are of the opinion that the planned IPO is a huge reflection of New Delhi’s seriousness in luring attracting tech behemoths to the country.

Last year in July, it was reported that Foxconn was actively considering infusing nearly $1 billion (around Rs 7,500 crore) to expand its facility at Sriperumbudur in Tamil Nadu. Apple was reported to have asked its suppliers to shift a part of its iPhone production out of China.

At present, Foxconn’s two plants in Tamil Nadu and Andhra Pradesh primarily assemble Apple and Xiaomi smartphones in the country. Earlier, at the company’s annual general meeting, Foxconn Chairman Liu Young-way had mentioned that the company would ramp up its investment in India, without giving any further details.

As reported Foxconn made applications to the ministry of electronics and information technology (Meity) to participate in the billion production-linked incentive (PLI) scheme offered to global players. Plus, the PLI scheme is available for Indian handset manufacturers as well.

Foreign companies were being given an incentive of up to 6 per cent for five years provided they meet certain levels in terms of production and investment earmarked for each year beginning FY21.

Foxconn Industrial Internet Co. Ltd (FII), a subsidiary of Foxconn Technology, went public on the Shanghai Stock Exchange in 2018, with its stocks soared by the maximum 44 per cent daily limit shortly after the debut. Billionaire Terry Gou-led Tech Company had said it would spend the money raised from its IPO on next-generation wireless equipment, robotics and data centres.

Separately, Apple’s top three contract manufacturers-Foxconn, Wistron and Pegatron-had planned to pump in around $900 million in India in the next five years to tap into the PLI scheme.

In 2010, Indian companies have raised a record Rs 2.53 lakh crore in equity capital, as per the financial daily which cited data gathered by VCCircle. The figures exclude small and medium enterprise (SME) offers, preferential allotments and block deals. Many large companies, including Indian Railway Finance Corp., state-owned insurance behemoth Life Insurance Corp. of India, online retail titan Flipkart, taxi aggregator Ola among others.