Tech giant Apple (NASDAQ: AAPL) is planning to more than quadruple its investment in India to $40 billion over the next four to five years, according to a report from the Indian newswire, PTI. In the last fiscal year, Apple has already crossed the production mark of more than $7 billion in India.
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The Cupertino-based company is increasingly considering moving its production away from China as the geopolitical tensions between the U.S. and China rise. Earlier this year, the company also opened stores in Mumbai and Delhi.
Meanwhile, in another development, Apple’s supplier, Pegatron, halted the assembly of iPhones at its facility in Southern India after a fire broke out on Sunday night. According to data from research firm Counterpoint, Pegatron accounts for 10% of Apple’s iPhone production in India on an annual basis.
Is Apple a Good Buy Now?
Analysts are cautiously optimistic about AAPL stock, with a Moderate Buy consensus rating based on 21 Buys and eight Holds.
