Tata Group has completed the acquisition of Wistron’s manufacturing facility in Karnataka, marking its foray into assembling Apple iPhones.
Tata Electronics, a Tata Group subsidiary, has acquired 100% equity stake of Wistron InfoComm Manufacturing (India) through a Share Purchase Agreement with SMS InfoComm (Singapore) and Wistron Hong Kong.
“Signing of the Share Purchase Agreement to acquire Wistron InfoComm Manufacturing (India) Private Limited is an important milestone for us. The EMS (Electronic Manufacturing Services) industry in India is poised for growth given the strong support from the Government, and we are happy to be participating in this growth story. We are focused on strengthening our capabilities in the manufacturing sector,” Randhir Thakur, CEO and managing director of Tata Electronics, said.
The next step involves seeking the required approvals for the deal to move forward.
With this deal, Tata Group becomes the first Indian company to enter iPhone production. Last month, it was reported that Tata Electronics was set to acquire Wistron Corp’s iPhone manufacturing unit.
However, this is not the first association of the Tata Group with iPhone production, as it already manufactures the metal body at its Tamil Nadu plant.
“PM @narendramodi Ji’s visionary PLI scheme has already propelled India into becoming a trusted & major hub for smartphone manufacturing and exports. Now within just two and a half years, @TataCompanies will now start making iPhones from India for domestic and global markets from India,” Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said.
The minister also assured full support to boost the growth of global Indian electronic companies, which “will in turn drive global electronic brands to lean towards India as one of their trusted manufacturing and talent partners”.
This comes at a time when iPhone maker Apple is planning to ramp up production by more than five times the current levels to around $40 Bn by 2027. During the last financial year, Apple manufactured products worth more than $7 Bn, per government officials.
Analysts predict that Apple’s manufacturing partners, including Foxconn, Pegatron, and the Tata Group, may start production of the iPhone 17 in India in the latter half of 2024.
As per a recent study, Apple is poised to conclude 2023 with a 7% market share in India, a market predominantly dominated by Android smartphones.”
The post Tata Electronics Completes 100% Stake Acquisition Of Wistron India Marking Its iPhone Production Foray appeared first on Inc42 Media.