NEW DELHI: Three contract manufacturers for Apple iPhones and South Korea’s Samsung have applied for large-scale electronics manufacturing rights in India under a $6.5 billion incentive scheme announced by the government, a minister said Saturday.
The scheme will extend cash incentives of 4 percent and 6 percent for five years on incremental sales of goods manufactured in India with 2019-2020 as the base year, Technology Minister Ravi Shankar Prasad told reporters.
The international cellphone manufacturing companies that have applied under the scheme are Samsung, Rising Star and three Apple contract manufacturers — Foxconn Hon Hai, Wistron and Pegatron.
Prasad said the scheme is expected to increase Apple’s and Samsung’s manufacturing base manifold in India.
Nearly two dozen Indian and international companies in the cellphone segment have applied for the scheme, which is expected to generate 300,000 direct jobs in the country, Prasad said.
Samsung, Apple to boost mobile phone manufacturing in India
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Samsung, Apple to boost mobile phone manufacturing in India
- Investment move under a $6.5 billion incentive scheme announced by the government
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
