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Apple Inc.'s electronics parts suppliers, Pegatron and Tata Electronics, have signed an investment agreement with the state of Tamil Nadu in India. It was reported that Hyundai Motor and other investors are also investing, and the collective amount of investments is more than $4.39 billion.
According to Reuters, the Indian state announced its new pact with Pegatron, Tata Electronics, Hyundai Motor, and others on Sunday, Jan. 7. "The Tamil Nadu government will support investors in every way possible," M. K. Stalin, the Chief Minister of Tamil Nadu, said when the deal was announced.
Apple's Production Goal in India
With the investment, Apple relies on India to become the next major driver of its growth as it aims to move some of its production out of China. As Pegatron is building its second plant in India and the Tata Group started assembling iPhones last year, Apple could realize its diversifying goal soon.
In any case, the deals were revealed during the recent global investors meeting. The whole project involving Pegatron, Tata Electronics, and other investors is expected to create thousands of new jobs in Tamil Nadu; thus, this is considered an important pact for the Indian state.
The Investment Agreements
Pegatron, a leasing Apple supplier, is investing 10 billion rupees to boost its production in India. On the other hand, Tata Electronics is putting in 120.8 billion rupees to enhance its mobile phone assembly operations.
Meanwhile, the Business World reported that the Memorandum of Understanding (MoU) that formalized the investments was signed during the Tamil Nadu Global Investors Meet 2024, which took place from Jan. 7 to Jan. 8.
The signing ceremony was also attended by the Chief Minister, M.K. Stalin, and Piyush Goyal, the Union Minister of Commerce and Industry. The other investors who unveiled their Tamil Nadu investment plans include Mitsubishi Electric, TVS Group, JSW Renewables, and First Solar.
Photo by: Pegatron Website
