Tata inches ahead to be 1st Indian iPhone manufacturer with potential Wistron deal - report
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Indian conglomerate Tata Group is nearing an agreement to acquire Wistron Corp. factory, an Apple (NASDAQ:AAPL) supplier, in the state of Karnataka, Bloomberg News reported citing people with knowledge of the matter.
The deal, which is potentially worth over $600M and could be seen as early as August, would mark the first time a local Indian company would move into the assembly of iPhones, the report added.
The site assembles the iPhone 14 model and employs over 10,000 people.
Wistron has committed to ship iPhones worth at least $1.8B from the factory in the fiscal year through March 2024 to get state-backed financial incentives, the report added citing the people.
Wistron also intends to triple the factory's workforce by next year. Tata â which sells products and services from tea to tech â plans to honor these commitments as Wistron leaves the iPhone business in India, according to the report.
Tata already makes iPhone chassis, or the metal backbone of the product, at its factory in the Indian state of Tamil Nadu.
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