Apple Suppliers And Tata Group To Build Over 78,000 Homes For Employees In India

Apple and its partners, including Foxconn, Tata, and Salcomp, are setting a new precedent in India by rolling out residential facilities for factory workers.

What Happened: Similar to industrial housing models seen in China and Vietnam, this initiative, a first in India’s private sector, aims to construct over 78,000 housing units under a public-private partnership, with Tamil Nadu receiving the lion’s share of approximately 58,000 units.

The central government will fund 10-15% of the project, complemented by contributions from state governments and entrepreneurs, targeting completion by the end of March 2025.

See also: India To Overtake UK, Japan As Apple’s 3rd Biggest iPhone Market By 2026

Why it matters: According to an ET report, the project, largely driven by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) alongside Tata Group and SPR India, is a major stride toward bettering worker efficiency and security, especially for the young female workforce predominant in this sector.

The scheme also intends to improve living standards for employees, many of whom are migrants facing long commutes and housing challenges.

Foxconn, Apple’s largest iPhone supplier in India, will use nearly 35,000 of these units for its workforce, 75% of whom are women. Similarly, Tata Electronics and Salcomp are on board, earmarking thousands of units for their employees.

Read next: The Unlikely Banker: IDFC First Bank CEO’s Journey From Failing His NDA Medicals To Pioneering Retail Banking

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: TechApple