Tata Group: Soon the Tata Group is going to acquire the iPhone maker on contract for Apple. The agreement in this regard has been finalized and the ownership will come to Tata by August. There are reports in the media that the Tata group is about to take over Wistran Corp’s factory in South Karnataka.
The Tata Group is soon going to acquire the iPhone maker on contract for Apple. The agreement in this regard has been finalized and the ownership will come to Tata by August. This will be the first time that a domestic company will foray into iPhone assembly. However, spokespersons of Tata, Wistran and Apple declined to comment on the matter.
Agreement worth more than $ 600 million
There are reports in the media that the Tata group is about to take over Wistran Corp’s factory in South Karnataka. The potential value of the deal is more than $600 million. More than 10,000 workers work here, assembling the latest iPhone 14 models.
According to the report, Wistran has committed to wholesale iPhones worth at least $1.8 billion from the factory by March 2024 to avail state-backed fiscal incentives.
Foxconn also assembles the iPhone
It also plans to triple the factory workforce by next year. Tata stands ready to honor these commitments. During the first three months of the current financial year, Wistran exported iPhones worth about $500 million from India. Foxconn and Pegatron Corporation also assemble iPhones in the country for Apple.
First Indian Apple iPhone Maker! Tata Group
Tata Group, India’s largest conglomerate, is close to an agreement to acquire an Apple Inc. supplier’s factory as soon as August, marking the first time a local company would move into the assembly of iPhones, according to people familiar with the matter.