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Feb, 12 2019

Wistron & Foxconn plan to invest Rs 7,500 cr for expanding business in India

Under an incentive package, Wistron has applied to the government to invest Rs 5,000 crore while Foxconn Rs 2,500 crore.

Wistron and Foxconn, the global electronics contract manufacturers, is looking to invest a combined Rs 7,500 crore over five years for expanding their production facilities in India.

A person aware of the proposed investments said, "Wistron is expected to begin manufacturing iPhone 8 in the country, while Foxconn’s plans are to support higher levels of manufacturing of existing clients such as Xiaomi and Nokia phones." 

Under an incentive package, Wistron has applied to the government to invest Rs 5,000 crore while Foxconn Rs 2,500 crore, which will likely give these companies benefits of Rs 1,000 crore and Rs 500 crore, respectively. 

So far, the government has approved as many as 193 of the 421 applications received under the modified incentive package scheme (M-SIPS).

An official said, "In December alone, the government received 146 applications with a proposed investment of Rs 43,140 crore under the scheme. Barring two mega projects, we have received applications of over Rs 1 lakh crore for 421 applications till December 31, the last date."

Another senior official stated, "There are two committees which are currently looking into the matter, the appraisal committee and the approval committee. Both are inter-ministerial committees and applications which are of this size need to be ratified by both the committees, so final approval can take some time."

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