Tata Group closes deal to buy Apple supplier Wistron, becoming India's first iPhone maker
Tata Group closes deal to buy Apple supplier Wistron, becoming India's first iPhone maker Estimated to be worth more than 600 million dollars.
On July 11, 2566, The Business Times news agency reported that Sources said that TATA Group, India's largest conglomerate. It is close to reaching an agreement to buy the Apple supplier's factory in August 2566, marking the first time the company will move into the iPhone assembly industry.
Sources said the acquisition of Wistron's plant in the southern state of Karnataka The deal, which could be valued at more than $600 million, will cover about a year of negotiations. The factory employs more than 1 people who assemble the latest iPhone 10,000 models.
Wistron has committed to shipping at least $1.8 billion worth of iPhones. from factories in the fiscal year until March 2567 to receive state-backed financial incentives. It also plans to triple the factory's workforce by 3. Tata is poised to deliver on those promises once Wistron exits the iPhone business in India.
The addition of the Indian iPhone is likely to add further impetus to Apple's efforts to diversify its product base outside of China. and building technology production in the South Asian country, with Wistron exporting nearly $500 million of iPhones from India in the three months ended June 3, and Apple's other major suppliers to Taiwan, including Foxconn Technology Group and Pegatron, adding. The number is increasing locally as well.
However, India has made progress in domestic manufacturing since Prime Minister Narendra Modi instituted a government program with lucrative financial incentives to expand production and employment. Apple has stepped up its efforts to diversify away from China in the aftermath of the Closing the country from COVID-19 and rising tensions between the United States and China.
Indian companies that make iPhones could prove an important contributor to Modi's efforts to challenge China's status as the world's factory. It may help convince other global electronics brands to consider manufacturing in India to reduce their dependency on China.
Incidentally, the Tata Group was founded more than 155 years ago, selling everything from salt to technology services. In the past few years The group has been trying to foray into electronics manufacturing and e-commerce. This is relatively new territory for the Tata family. It also boosts its chip manufacturing ambitions.
