New Delhi:- India's largest conglomerate Tata Group is nearing a deal to buy an Apple supplier factory in August. It will be the first time a local company has stepped into assembling iPhones, according to people familiar with the matter.
The purchase of the Wistron factory in the southern state of Karnataka, worth more than $600 million (about 4.9 billion rupees), would put an end to nearly a year of negotiations, the people said, keeping the matter private. I asked for anonymity because of this. The factory employs more than 10,000 workers to assemble the latest iPhone 14 models.
Wistron has committed to shipping at least $1.8 billion worth of iPhones from its factories during the fiscal year ending March 2024 to earn federally-backed incentives, according to people familiar with the matter. It is said that There was also a plan to triple the factory workforce by next year. Tata will keep these promises when Wistron exits the iPhone business in India.
Tata, Wistron and Apple declined to comment. The addition of the Indian iPhone should add momentum to Apple's efforts to diversify its product base beyond China and ramp up technology manufacturing in the South Asian country. Wistron exported nearly $500 million worth of iPhones from India in the three months ended June 30, with Apple's other major Taiwanese suppliers Foxconn Technology Group and Pegatron also operating there. is expanding.
India has made progress in domestic manufacturing since Prime Minister Narendra Modi launched a government program with lucrative financial incentives to boost production and employment. Apple is ramping up its efforts to diversify out of China in the wake of the coronavirus lockdown in China and rising tensions between the United States and China.
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Setting up an Indian company to make iPhones could give Modi a big boost in his efforts to challenge China's status as the world's factory. This could help persuade other global electronics brands to consider manufacturing in India to reduce their dependence on China.
Founded 155 years ago, the Tata Group sells everything from salt to engineering services. In recent years, the group has attempted to enter electronics manufacturing and e-commerce, a relatively new field for the Tata family.
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The body of the iPhone, the metal backbone of the device, is already being manufactured in factories spread over hundreds of acres in Tamil Nadu. Chairman N. Chandrasekaran previously said the Tata’s family is also pushing ambitions in the chip manufacturing sector.
After years of looking forward to bring Apple in India and finally Tata is coming up by setting Apple manufacturing plant in India which is in the state of Karnataka.
