Cupertino, California based Apple, confirmed plans to build its technology development center outside the U.S. in Hyderabad, India with an investment of $25 million. The facility, slated to commence operations in the latter half of this year, will occupy 250,000 square feet of space and employ about 4,500 people.
“We’ve been investing to expand our operations in India and are thrilled to have passionate customers and a vibrant developer community across the country,” a spokesperson for Apple said.
India is the world’s fastest-growing smartphone market, having surpassed the U.S. in 2015, making a strong case for Apple to set up stores in the country, and recently Apple applied for a single-brand retail license that will enable it to open its own stores in India. Currently it sells iPhones, iPads, Macs and other products through third-party re-sellers.
The South Asian nation is becoming an important market for Apple. CEO Tim Cook recognized the growth potential in the country after the company’s India revenue growth surpassed that of developed markets, reports Economic Times.
Revenues in India surged 38% in the last quarter of 2015, exceeding the 11% growth in overall emerging markets. iPhone sales volumes grew 76% in India compared with 45% in Korea, the Middle East and Africa, 20% in several western European countries and 18% in mainland China in the quarter. For the same period, the company posted its best quarterly sales in India with volumes crossing 800,000 units, when sales in its other world markets faltered.
