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Also in this letter:
■ No relief for ADIF from Delhi HC in Google case
■ IITs see a rise in non-tech hiring
■ L’Oréal invests in DSG Consumer Partners
Foxconn looks to expand Chennai iPhone manufacturing facility, eyes R&D centre in Bengaluru
Taiwanese contract manufacturer Foxconn is doubling down on India at a time when its biggest client Apple is reducing its dependency on China for making its products.
What’s driving the news? Officials told ET that Foxconn is planning to expand its facility close to Chennai with two more buildings and is also mulling setting up a research and development centre in Bengaluru.
Quote, unquote: “A few months ago, Foxconn proposed to expand their manufacturing facilities within their existing premises,” a source aware of the developments told us. “They broadly indicated that there would be at least two more buildings they would like to construct to manufacture iPhones. Detailed plans will be submitted later when they seek approvals and clearances.”
Big India push: For Apple, having many of its main contract manufacturers — Foxconn, Wistron and Pegatron — operational in India, is considered part of a larger game plan to broaden its supply chains beyond China. Tamil Nadu is fast becoming an iPhone manufacturing hub with Foxconn and Pegatron operational. Apple is also outsourcing the manufacturing of iPhone enclosures to Tata Electronics, which has a plant at Hosur.
Foxconn-Vedanta JV: In the Vedanta-Foxconn joint venture (JV) for manufacturing semiconductors, the latter is responsible for bringing in technology partners, and the JV will enable more licences as needed, said Akarsh Hebbar, managing director of the company’s global display and semiconductor business.
Vedanta will be taking the lead on the construction of the factory in Gujarat. The company intends to start generating revenue from the semiconductor unit by 2027, he said.
Surging exports: ET first reported on April 13 that Apple’s iPhone exports from India surged nearly four times yearly to cross $5 billion in FY23, as the suppliers of the Cupertino-based company ramped up local production.
Thousands of Apple enthusiasts queued up at Mumbai’s Bandra-Kurla Complex (BKC) on Tuesday morning as the tech giant opened its first retail store in India. Greeted by Nashik dhols and an event crew dressed in green T-shirts and blue-back denims, the store doors were inaugurated by Apple CEO Tim Cook and Senior Vice-President of Retail Deirdre O’Brien.
Cook’s take: “The energy, creativity, and passion in Mumbai is incredible! We are so excited to open Apple BKC,” the 62-year-old Cook tweeted.
This is Cook’s first visit to India since 2016. The US major is ramping up manufacturing in India for exports and aiming to meet domestic demand amid a move to diversify its supply chain away from China.
Competing with global peers: The Apple Store at Jio World Drive occupies 20,000 square feet over two levels, about a third the size of the tech major’s flagship store in New York but similar to its outlet on London’s Regent Street. It will employ 100 people who together speak 20 local languages and a few foreign languages as well.
The company has brought its global experience to Apple BKC: no cash counters, no pestering employees, and a space that looks intimidating yet welcoming, said the people who had lined up.
Selfies, autographs & nostalgia: Cook welcomed the first customers to the store with handshakes, selfies, and hugs. A few customers got a chance to get photos with him and O’Brien, along with autographs.
.jpg "Sajid Moiuddin with Macintosh -pic shriya patil (2)")
Cook meets an Apple fan who brought a 33-year-old Macintosh Classic machine at the store opening in Mumbai.
Wearing a black turtleneck, reminiscent of Apple founder Steve Jobs’ daily uniform, Sajid Moinuddin walked in holding a 1984 Macintosh computer, which Cook was happy to sign.
Also read | Apple’s premium resellers look to cash in on buzz
ET Ecommerce Index
We’ve launched three indices – ET Ecommerce, ET Ecommerce Profitable, and ET Ecommerce Non-Profitable – to track the performance of recently listed tech firms. Here’s how they’ve fared so far.
No immediate relief for ADIF in suit against Google, CCI
The Delhi High Court on Tuesday did not grant any immediate relief to the Alliance of Digital India Foundation (ADIF) in its suit against the Competition Commission of India (CCI) and Google seeking the court’s intervention in Google rolling out its new policy for in-app purchases from April 26.
ADIF’s plea: ADIF had alleged that the antitrust regulator’s “inaction” on complaints filed against Google’s user choice billing (UCB) system has resulted in the tech company engaging in anti-competitive conduct.
ADIF’s counsel said that the association was seeking that the court either asks CCI to adjudicate on the matter prior to April 26 or put Google’s new policy’s implementation under abeyance till then.
Google’s argument: Google, which has appealed the October 2022 CCI order, argued that the competition regulator did not have any power to issue any interim stay on its policy implementation.
CCI seeks court’s guidance: Appearing for the CCI, Additional Solicitor General (ASG) N Venkataraman said that the antitrust regulator was seeking the court’s guidance with respect to different provisions of the Competition Act.
IITs see a bump in non-tech hiring amid dip in IT offers
As Indian tech companies face a hiring slowdown, Indian Institutes of Technology (IITs), are seeing a more diverse sectoral mix of top recruiters during the final placements for the class of 2023.
New recruiters: Companies from financial services, EPC (engineering, procurement, and construction), education, and manufacturing have held their own against technology biggies regarding the number of students recruited, show data from IITs Madras, Roorkee, Guwahati, and Hyderabad.
Tata Projects, American Express, Larsen & Toubro, Standard Chartered Global Business Services, Narayana Group, NoBroker, Jio, Kotak Mahindra Bank, and Enphase Solar Energy are among top recruiters at the campuses alongside the likes of Oracle, EXL Service, and Texas Instruments.
On track: We reached out to IITs to know the top five recruiters by numbers at each campus. These institutes are yet to complete their final placements, but so far overall numbers are on track, despite the global tech slump. IITs approached recruiters across sectors this year, anticipating a pullback in tech hiring.
Prop-tech real estate startup NoBroker is one of the top recruiters at IIT-Guwahati, having upped its intake by 36% at IITs this year.
Tweet of the day
L’Oréal invests in consumer-focused VC fund DSG Consumer Partners
L’Oréal, one of the largest cosmetic brands in the world, has invested an undisclosed amount in consumer-focussed venture capital firm DSG Consumer Partners.
Strategic investment: The investment was made through L’Oréal’s corporate venture capital fund, BOLD. The VC firm’s fourth fund will reportedly be around $125 million in size and will invest in beauty and personal care startups across India and Southeast Asia.
DSG’s past bets: DSG has invested in companies such as Indian tea and cafe chain startup Chai Point, dairy firm Epigamia, and juice maker Raw Pressery, among others.
Quote Unquote: “The Southeast Asia and India region have many of the fastest growing, most populous and young demographic markets of the world,” said Vismay Sharma, president of L’oreal South Asia Pacific, Middle East and North Africa.
Other Top Stories by Our Reporters
Fantasy gaming to grow at 30% CAGR till 2027, says report: The fantasy gaming industry is projected to attain revenue of Rs 25,240 crore by financial year (FY) 2026-27, up from Rs 6800 crore revenue achieved in 2021-22, a joint report by Deloitte and Federation of Indian Fantasy Sports (FIFS) said.
Tata Electronics appoints Randhir Thakur as CEO & MD: Tata Electronics has appointed Randhir Thakur as CEO and MD. Till recently, Thakur was leading Intel Foundry Services as its President and has worked with Intel for over five years.
Global Picks We Are Reading
■ Some Glimpse AGI in ChatGPT. Others Call It a Mirage (Wired)
■ To Get the EV Tax Credit, You Will Now Have to Buy an American Brand (WSJ)
■ Mother-son YouTubers cook Nepali dishes with sides of nostalgia and ASMR (Rest of World)
(Pictures by Shriya Patil; illustrations by Rahul Awasthi)
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