Apple’s second-largest manufacturer after Foxconn started its India operations. The move is said to be the base for the Taiwanese electronics maker to set up a manufacturing unit in India.
The operation began with the appointment of the auditors and a transfer of 99 lakh for a subscription of the equity share. Apple has appointed BSR & Co. as their auditors for the India base, for the financial year ending on March 31, 2021. With the $45 Billion contract, Apple looks to diversify its production bases from China to other parts of the world amidst the growing tension between the US and China.
As per the regulatory filings of the company, the CEO of Pegatron, Chui Tan Lin, and Akhilesh Bansal were listed as the Directors of India business. Pegatron is one of the three manufacturers of Apple Inc. The move comes after the other manufacturers named Foxconn and Wistron have already established their base in India.
The Indian government committee approved a $100 billion mobile export proposals from not only Apple but Samsung, Karbonn, and Lava. The handset makers had offered to manufacture mobile devices and components worth 11 lakh crore in the next five years. It comes under the Centre’s new scheme to boost electronic manufacturing in the country. The development is said to boost the employment opportunities in the country – with 3 lakh direct and 9 lakh indirect jobs.