Taiwanese multinational electronics contract manufacturing company, Foxconn Technology Group will invest well over Rs 1,500 crore to have new production lines to manufacture certain iPhone models in its factory in Sriperumbudur near Chennai, according to an ET post.
Currently, Wistron, another Taiwanese smartphone manufacturing company makes Apple phones such as the iPhone 6S and SE models in Bengaluru in Karnataka.
“Titled Project Fruit, the plan to expand the Sriperumdur unit of Taiwanese phone manufacturer Foxconn to make smartphones including the coveted iPhone devices has been in the works for over a year,” one of the people aware of the developments around Foxconn’s expansion in India told ET.
“It has been a work in progress for over a year,” another person directly involved in the project to manufacture iPhones from Tamil Nadu told ET.
The smartphone manufacturer already manufacturers phones for Xiaomi Corp in India. It is currently present in Tamil Nadu and Andhra Pradesh.
The deal is expected to be announced on January 24, when the state will unveil new investments in Tamil Nadu during the second Global Investors Meet scheduled in January 2019. The state expects the project to bring 25,000 jobs over a period of time.
The company had earlier applied for conversion of a portion of its SEZ area in its Sriperumbudur plant to DTA, which can enable the sale of its products in India.