As the global supply chain is undergoing reshaping, Apple is reportedly looking for more partners, during which new suppliers, including those based in India, may find an opportunity to expand globally.
The Economic Times, citing sources, reported that Apple was in advanced talks with India-based Aegus, a manufacturer of high-end toys, consumer durable goods, and aerospace parts, and Taiwan-based Rayprus, a Foxconn subsidiary engaged in multi-camera modules for smartphones.
Pankaj Mohindroo, chairman of the India Cellular & Electronics Association, told the Economic Times that as global electronics manufacturers increasingly collaborate with more India-based partners, the local manufacturing ecosystem has a chance to expand and join the global supply chain.
India is looking to capitalize on the rare chance in the global supply chain shift, actively seeking to attract additional investors. According to Hindu Businessline, the Telangana government is engaging with Foxconn Interconnect Technologies, urging them to increase their investment commitment to the state. The Foxconn subsidiary is constructing a plant in the state for AirPod manufacturing. The report said Telangana wanted Foxconn to set up a display fab and OSAT manufacturing facilities in the state.
Apple and Taiwan-based manufacturers are actively expanding their investments in India. Mint reported that Apple is in discussions with multiple suppliers involved in component manufacturing across automotive, aerospace, and consumer electronics sectors, encompassing suppliers at tier 2 and tier 3 levels. According to Foxconn's corporate filing, the manufacturer expanded its investments in its Indian subsidiary.
According to a corporate filing on December 27, Foxconn increased cash investment in its Indian subsidiary, Foxconn Precision Engineering Private Limited, totally about US$55.2999 million through its Singaporean subsidiary, Foxconn Singapore Ptd. Ltd. The capital is for long-term investment, said Foxconn. Foxconn Precision Engineering Private Limited was established in June 2023 and registered in Bangalore, Karnataka.
