As India is waiting for the first two Apple Stores to be opened in India this week, it is estimated that Apple has become India's largest mobile phone exporter in India.
India's iPhone production and exports surged
Business Standard, citing data from the Indian Cellular and Electronics Association, reported that India exported locally-made iPhones worth US$5.5 billion in fiscal 2023 (April 2022 to March 2023), accounting for about half of all mobile phones shipped from India for the period, while Bloomberg quoted sources saying that Apple assembled more than US$7 billion of iPhones in fiscal 2023, accounting for 7% of iPhones made globally during the period.
Apple leases floors before opening self-owned retail stores in India this week
Mint reported that Apple leased several floors of a commercial building in Bengaluru for ten years with a price of INR16.56 per foot, underscoring Apple's move to expand sales in India as the world's largest company by valuation is looking to open its first two Apple Stores in India on April 18 and April 20.
Vivo to invest INR11 billion to expand mobile phone production to 120 million a year in India
According to Mint, Yogendra Sriramula, head of brand strategy at Vivo India, said that Vivo would invest INR11 billion (US$134.67 million) in a manufacturing unit in Greater Noida, with mass production expected by early 2024 after regulatory clearance. The investment is the last part of Vivo's plan announced in 2019 to pump INR75 billion by the end of 2023 to expand its mobile phone production from 25 million to 120 million units a year.
India reportedly attracting semiconductor-related companies
The Indian government is talking with ultra-pure copper, aluminum, water, gases, etc., suppliers to set up manufacturing units there as a part of the Indian Semiconductor Mission that aims to build a chip ecosystem in the South Asian country, The Economic Times reports.
Vedanta-Foxconn chip JV reportedly struggling to get STMicroelectronics on board
The Economic Times quoted sources saying that the talk between Vedanta-Foxconn JV and STMicroelectronics has stalled due to some sticking points. According to the report, STMicroelectronics wants to limit the scope of the technology transfer and exit the joint venture after 5-10 years, during which it can complete the technology transfer. Besides, STMicroelectronics wants Vedanta to take the lead and invest more in the joint venture.