iPhone Production Crosses $14 Billion in India in Fiscal 2024: Report

Apple has assembled $14 billion (roughly Rs. 1,16,442 crore) worth of iPhones in India in fiscal 2024, Bloomberg News reported on Wednesday.

Apple now makes as much as 14 percent or about 1 in 7 of its marquee devices from India, the report said, citing people familiar with the matter.

Foxconn assembled nearly 67 percent while Pegatron made about 17 percent of the India-made iPhones, the Bloomberg report added. Wistron Corp’s plant in the southern Indian state of Karnataka, which the Tata Group took over last year, made the remaining.

Apple declined to comment on the Bloomberg report.

Apple is increasingly looking to diversify its supply chain beyond China amid geopolitical tensions between Beijing and Washington, even as China remains the largest iPhone-making hub in the world.

Reuters reported on Monday that Pegatron is in advanced talks to hand over control of its only iPhone manufacturing facility, located near Chennai in the southern state of Tamil Nadu, to the Tata Group.

Under the deal, which has received the backing of Apple, Tata plans to hold at least a 65 percent stake in a joint venture that will operate the Pegatron plant near Chennai, with the Taiwanese firm providing technical support and holding the rest, one of the sources said.

The Indian consumer goods conglomerate is also building another plant in Hosur in Tamil Nadu, with Pegatron likely to emerge as its joint venture partner.

In January, the Indian government cut the import duty on some parts used in making mobile phones to 10 percent from 15 percent, a move benefiting companies like Apple and Xiaomi that manufacture in Asia’s third-largest economy.

© Thomson Reuters 2024

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