Apple’s key manpower supplier Layam Group plans IPO next fiscal year

Layam Group —a key supplier of skilled manpower to Apple manufacturing partners like Foxconn, Tata Electronics, and Pegatron — is planning to launch an initial public offering (IPO) during the next financial year to fund its expansion plans. The Chennai-based company is targeting over a 40 per cent rise in its revenue in the next two years, owing to a push in electronic sector investments in Tamil Nadu, with players like Apple going on an expansion drive. Apple is reportedly planning to increase India’s share of its global iPhone production to 25 per cent in the next three to four years.