The members of the India subsidiary have consented to increase the share capital from Rs 5.5 crore to Rs 1,100 crore on December 21, 2020, according to the latest regulatory filings accessed by business intelligence platform Tofler.
ET had reported in November that the Taiwanese company’s board has approved an initial investment of $150 million (Rs 1,100 crore) for building manufacturing facilities in India.
As per reports, Pegatron has selected a site in Mahindra World City near Chennai, although state government officials say nothing has been finalised yet.
Pegatron’s factory in India is expected to start production in the second half of next year or in early 2022 and the company plans to make more investments in India over the next two years, CEO Liao Syh-jang had said in an investor conference in November.
The Taipei-headquartered company, along with other Apple suppliers Wistron and Foxconn, has been cleared by the central government to receive sops under the production-linked incentive scheme.