What’s going on:
Salcomp, Finland’s major supplier to Apple, is aiming to double its Indian staff to 25,000 in the upcoming three years with the aim of achieving revenues of at least $2 billion to $3 billion in the next two years.
The shift in production from China due to the pandemic-prompted lockdowns and constraints, along with escalating trade and political tensions between Beijing and Washington, has been the key catalyst for this decision.
Why it matters:
Sasikumar Gendham, managing director at Salcomp Manufacturing India, told reporters in Chennai city in southern India during an industry event, “The whole supply chain is now kind of looking at an alternative. And India is poised to be one of the best alternatives. Everyone knows that the whole world has been depending on this one nation (China) over the last few decades and it’s time to really diversify and decluster.”
How it’ll impact the future:
Gendham said he expects the India business to create at least $2 billion-$3 billion in revenue by 2025.
Foxconn is also planning to quadruple the workforce at its iPhone factory in India over two years.
