💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Apple boss Cook to tap Indian software talent during maiden visit

Published 05/17/2016, 10:20 AM
Updated 05/17/2016, 10:40 AM
© Reuters. Apple CEO Tim Cook speaks during an event at Apple headquarters in Cupertino, California
AAPL
-

By Himank Sharma and Rupam Jain

MUMBAI/NEW DELHI (Reuters) - Apple Inc (NASDAQ:AAPL) is set to announce plans to expand its Indian software development center and build an accelerator program for local start-ups, two sources aware of the investment said on Tuesday, hours before Chief Executive Tim Cook's maiden visit.

Cook, who arrives in India late on Tuesday, is making his Indian debut just as the country emerges as one of the last large growth markets in the smartphone world, while sales in the United States and China begin to taper off.

Among other officials, he is due to meet Prime Minister Narendra Modi later in the week.

Over 100 million smartphones were sold in India last year, a number that is expected to grow by 25 percent this year. Sales of Apple's iPhones - which have a two percent market share in the country - grew 56 percent in the first three months of 2016.

Earlier this year, Apple opened a development center in the southern Indian city of Hyderabad, also home to Microsoft's first India office, where engineers are working on Apple Maps.

The sources did not detail the size of the fresh investment.

The company is also expected to announce plans for a startup accelerator in India to work more closely with the Indian developer community that works on Apple's iOS and OS X software platforms, one of the sources said.

An Apple spokesman declined to comment.

"Cook's visit shows how important India has become for Apple and will likely set the stage for the expansion of Apple ecosystem in India," said Vishal Tripathi, research director at Gartner.

Indian government sources said Modi is likely to press Cook to set up production facilities in India, as part of the government's plan to find jobs for millions of Indians joining the workforce every year.

Apple is in separate talks to open its first official retail store in the world's third-largest smartphone market.

Cook's India visit, which one of the sources said could run into the weekend, also includes meetings with industry partners.

© Reuters. Apple CEO Tim Cook speaks during an event at Apple headquarters in Cupertino, California

On Friday, Cook is expected to meet Sunil Mittal, the billionaire founder of India's biggest mobile operator Bharti Airtel, a separate source said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.