$ 279 mn Apple plant in India |
Finland`s Salcomp, a supplier to U.S. tech group Apple, is planning to invest over 278.67 million dollars in India to make mobile chargers and other smartphone components from March 2020, In a news conference held on Monday, Technology Minister Ravi Shankar Prasad said that Salcomp has reached an agreement to take over a facility, formerly owned by Nokia, in Chennai and will begin operations at the site by March. Prasad said , “I can tell you, apart from chargers and other equipment, it will lead to a diversified product portfolio.” He added that Salcomp would invest 278.67 million dollars at the site over the next five years. This move is expected to generate jobs for about 10,000 people. Nokia, in a statement, confirmed that it had reached an agreement with Salcomp for the sale of the facility in Sriperumbudur, Chennai. The widening of Apple`s supplier base in India, the world`s second-biggest smartphone market, is a boost to Prime Minister Narendra Modi`s “Make in India” drive. The minister also showed a locally-assembled iPhone XR, said he expected Apple to expand its manufacturing operations further in India. According to Prasad, Apple`s Indian-made phones will also be exported and the exports of mobile phones and components from India would be worth 1.6 billion dollars each in the financial year to end-March 2020.
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