Apple will invest $1 billion in India through its manufacturing partners as it looks to expand manufacturing beyond China, according to a new report today.
The Times of India reports that Apple will invest $1 billion in India as the company plans to export "Made in India" iPhones to the world.
Apple has already confirmed plans to have a retail presence to India although it would take some time before we see the first official Apple Store in the country.
Today’s report cites that an “official source” and says that “Apple will be investing $1 billion in India through its partners.” Foxconn is said to be an "investment partner."
Other than Taiwan’s contract manufacturing behemoth Foxconn, other suppliers will also be part of the $1 billion investment, according to the report.
Foxconn will use its factory in Chennai to manufacture products for Apple's global market, the report added.
Currently, Apple products made in India are reserved for local sales.
Apple has a major incentive to locally manufacture in India, as it could help the company avoid 20 percent import duties.
In June, Nikkei reported that Apple was in the early stages of restructuring supply chain operations with an eye to move 15-30 percent of production outside of China over the next few years.