According to the people, who asked not to be named because the matter is private, a takeover of Wistron Corp.’s factory in Karnataka would cap about a year of talks.
According to people familiar with the matter, Tata Group, India’s largest conglomerate, is close to buying an Apple supplier’s factory, marking the first time a local company will assemble iPhones.
People who asked not to be named as the matter is private said an acquisition of the Wistron Corp. factory in Karnataka would cap a year of negotiations. More than 10,000 people work at the facility, which assembles Apple’s latest iPhone 14.
A state-backed financial incentive program requires Wistron to ship iPhones worth at least $1.8 billion from the factory through March 2024. The company also plans to triple the plant’s workforce by next year. As Wistron exits the iPhone business in India, Tata is set to honor those commitments.
Apple, Tata, and Wistron declined to comment.
Apple’s effort to diversify its product base beyond China and build up technology manufacturing in South Asia will be boosted by the addition of an Indian iPhone. Apple’s other key Taiwanese suppliers, Foxconn Technology Group and Pegatron Corp., have also increased production locally in the three months ended June 30.
After Prime Minister Narendra Modi introduced government programs with lucrative financial incentives to expand production and employment, India has made significant progress in domestic manufacturing. Following China’s Covid lockdowns and rising tensions between Washington and Beijing, Apple has increased efforts to diversify away from the country.
Modi’s efforts to challenge China as the world’s factory could be boosted if an Indian company makes iPhones. This may encourage other global electronics brands to consider manufacturing in India to reduce their dependence on China.
From salt to tech services, the 155-year-old Tata Group sells it all. The group has made inroads into electronics production and e-commerce in recent years, both relatively new ventures.
At its factory in Tamil Nadu state, it already produces iPhone chassis, or the metal backbone of the device. According to Chairman N Chandrasekaran, the Tatas also pursue chipmaking ambitions.
Fastest 1000 Runs in T20: Fastest 1000 Runs in T20
Upcoming Cricket Superstar: Top 10 Upcoming Indian Cricket Superstars
Satta Matka: Satta Matka: What is Satta Matka?
Online Betting: Online betting sites in India
Shaheen Net Worth: Shaheen Afridi Net Worth 2022, Salary, Income, Wife, Age, Biography
Babar Azam Cricket Career: Babar Achieves Another High, Now Only Player To Be In Top-Three Across Formats
Know Female Cricketers: Top 10 Greatest Female Batsmen of All Time
3 Card Judgement: 3 Card Judgement Casino Online Live Betting And How To Play (Rules)