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Finland's Salcomp, a supplier to U.S.
tech group Apple, is to invest Rs 20 billion in India to make mobile chargers
and other smartphone components from March 2020, the country's technology
minister said on Monday.
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, Ravi
Shankar Prasad, IT Minister, India, told a news conference.
Salcomp, a major supplier of chargers
to Apple for its iPhones, has reached an agreement to take over the entire
facility of Nokia handsets lying closed for the past so many years, Prasad
said.
"I can tell you apart from
chargers and other equipment it will lead to a diversified product
portfolio," Prasad said, adding that Salcomp would invest the Rs 20
billion at the site over the next five years.
The 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.
New Delhi cut corporate tax rates in
September to woo manufacturers and revive private investment. It is also making
plans to attract companies such as Apple, Foxconn and Wistron to expand
locally, the source reported previously.
Apple last month started selling its
iPhone XR model assembled in India by the local unit of Foxconn It also
assembles the iPhone 7 model in India through Wistron's local unit in the tech
hub of Bengaluru.
On Monday, Prasad, showing a locally-assembled iPhone XR, said he expected Apple to expand its manufacturing operations further in India. Apple's Indian-made phones will also be exported.
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INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
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