Wistron has proposed to invest Rs 5,000 crore and Foxconn Rs 2,500 crore under an incentive package
Global electronics contract manufacturers Wistron and Foxconn are looking to expand their production facilities in India and together plan to invest Rs 7,500 crore over five years.
Wistron has applied to the government to invest Rs 5,000 crore and Foxconn Rs 2,500 crore under an incentive package that will likely give these companies benefits of Rs 1,000 crore and Rs 500 crore, respectively, ET reported.
Sources told the daily that Wistron is likely to begin manufacturing iPhone 8 in the country, while Foxconn plans to support higher levels of manufacturing of existing clients such as Xiaomi and Nokia phones.
Wistron may shift some of its PC, Internet of Things, medical and cloud service businesses to India. Currently, the Taiwanese company has two plants near Bengaluru that assemble Apple’s iPhone SE and iPhone 6S devices for sale in India.
Wistron’s investment is estimated to provide employment to over 10,000 people.
Foxconn’s application with a proposed investment of Rs 2,500 crore came in December, the report added.
So far, the government is said to have approved as many as 193 of the 421 applications received under the modified incentive package scheme (M-SIPS), of which 144 have started incurring investments totalling Rs 9,252 crore.