Deal would mark the first time an Indian firm produces iPhones, boosting local manufacturing and reducing dependence on China.
Deal would mark the first time an Indian firm produces iPhones, boosting local manufacturing and reducing dependence on China.
Tata Group is reportedly on track to buy an Apple Inc (NASDAQ: AAPL) iPhone supplier factory in India from Wistron Corporation, according to Bloomberg.
If the deal goes through by August, this would be the first time a firm based in India produces iPhones.
The Karnataka-based factory, valued at over $600 million, employs more than 10,000 people and presently assembles the iPhone 14.
Wistron previously committed to deliver iPhones worth $1.8 billion by March 2024 and triple its workforce by next year. Tata Group plans to uphold these commitments post-acquisition, marking the end of Wistron’s iPhone manufacturing operations in India.
India’s government has been promoting local manufacturing while Apple and its major suppliers, such as Foxconn Group and Pegatron Corporation, are seeking to move their iPhone production out of China. An Indian company producing iPhones could attract more global firms to manufacture in India, reducing their dependence on China.
According to TrendForce, Tata Group might manufacture the upcoming iPhone 15 and iPhone 15 Plus models. They will likely receive smaller orders for these models. This could also mean that India might be included in the initial shipment wave for the new iPhone series, expected to launch in September.
© 2023 Zenger News.com. Zenger News does not provide investment advice. All rights reserved.
Produced in association with Benzinga
Edited by Arnab Nandy
