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Tata Group to become India's first iPhone maker, seals Rs 1000 crore deal for...
With board permission, the business will sell Tata Electronics Pvt. a 100% interest in the division Wistron InfoComm Manufacturing (India) Pvt.
Updated : Oct 27, 2023, 06:04 PM IST | Edited by : Aayushi
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The Tata Group will purchase the India division of Taiwan-based Wistron Corp., a contract manufacturer for Apple Inc., for $125 million, becoming India's first software company to produce iPhones. With board permission, the business will sell Tata Electronics Pvt. a 100% interest in the division Wistron InfoComm Manufacturing (India) Pvt.
With board permission, the business will sell Tata Electronics Pvt. a 100% share in the division Wistron InfoComm Manufacturing (India) Pvt. According to Wistron's exchange filing on Friday, the settlement date will establish the ultimate transaction price, which will also take into account the revisions.
As a result of the group's product strategy and global production layout being reshaped, strategic considerations led to the deal's finalisation, the statement stated. The promoter holding company of the Tata Group, Tata Sons Pvt., is the parent company of Tata Electronics, which it fully owns.
The group has attempted to gain traction in e-commerce and electronics manufacturing.TEPL already has a manufacturing plant in Tamil Nadu's Krishnagiri area. The assembly plant of Wistron Karnataka is situated close to Bengaluru.
The iPhone manufacturer announced that its operations in India "carved a quarterly record, expanded extremely strongly, and increased by double-digits year-over-year" in May of this year. Tim Cook, Apple's chief executive officer, called India a "major focus" and an "incredibly exciting market".
During Cook's first visit to India in seven years, the firm opened two retail locations in Delhi and Mumbai in April of this year, marking the beginning of an ambitious retail development in the nation. Union Minister of State for Electronics and Technology Rajeev Chandrasekhar congratulated the Tata Group on their announcement.
He wrote on X, "PM @narendramodi Ji's visionary PLI scheme has already propelled India into becoming a trusted & major hub for smartphone manufacturing and exports. Now within just two and a half years, @TataCompanies will now start making iPhones from India for domestic and global markets from India. Congratulations to the Tata team for taking over Wistron operations."
