Pegatron, the second-largest manufacturer of Apple after Foxconn, began its India operations with the appointment of statutory auditors and transfer of Rs 99 lakh for an initial subscription of equity shares. The move is a precursor for the Taiwanese electronics maker to set up a manufacturing base in India.
Pegatron announced the start of its business operations in a declaration filed with the registrar of companies on September 4, reported the ET.
The Taiwanese company which manufactures exclusively for Apple has appointed BSR & Co as statutory auditors for the financial year ending March 31, 2021. Chui Tan Lin, CEO of Pegatron Corporation Taiwan, and Akhilesh Bansal were appointed the Directors of India business, as per regulatory filings of the company.
Pegatron is one of the three contract manufacturers of American phone and electronics maker Apple, the other two being Foxconn and Wistron which are already present in India. The entry of the $45-billion contract manufacturer is set to give a boost to the manufacturing base of Apple which is looking to diversify its production facilities from China amid ever-increasing US-China hostilities
Not just Apple, several other global phone and electronics makers are being lured by the Indian government with its lucrative Production Linked Investment (PLI) scheme in a bid to boost local manufacturing and increase exports.
Earlier this month, a government committee approved $100-billion (around Rs 7.3 lakh crore) mobile export proposals from Apple’s largest iPhone assembler Foxconn, Pegatron and Wistron as well as Samsung, Karbonn, Lava and Dixon. It was reported that Apple’s contract manufacturers, as well as global tech giants like Samsung and local handset makers Lava and Dixon had offered to manufacture mobile devices and components of over Rs 11 lakh crore in the next five years under the Centre’s new scheme to boost electronics manufacturing.
The development will help boost exports and generate employment. Worth mentioning here is that the Centre had rolled out Production Link Incentives (PLI) to create 12 lakh employment opportunities—3 lakh direct and around 9 lakh indirect jobs.