Apple supplier Foxconn near deal to build iPhone plant in India

Apple's been struggling to sell its products in India thanks to restrictive government regulations that require brand stores like the Apple Store to sell at least 30 percent of goods from domestic suppliers. The country is a key piece of Apple's growth strategy for the future, since it has an immense population of consumers below the age of 25 and has recently seen a rollout of LTE technology by mobile carriers. Today, a report from The Economic Times of India says that Apple supplier Foxconn is about to sign a deed for a 1,200-acre property in Maharashtra where it will build a $10 billion manufacturing plant just for Apple products.

Once the deal for the land is signed, construction of the plant is expected to take about 18 months. Between domestic production of Apple products and the recent approval of an exemption allowing Apple to free itself from the 30 percent sourcing law, things are looking up for the company to begin opening Apple Stores in the world's second most populous nation. 

In the face of slowing iPhone sales in key markets like the United States and Europe, Apple has been placing more emphasis on expanding sales in developing economies such as mainland China, South America, and India.