The Tata Group is set to become India’s first iPhone manufacturer after it agreed to acquire Apple’s supplier factory in India. The factory, valued at over $600 million, currently assembles the iPhone 14 model and has over 10,000 employees.
The acquisition is a major coup for the Tata Group, which is one of India’s largest conglomerates. It will allow the company to tap into the growing demand for iPhones in India, which is one of Apple’s fastest-growing markets.
The deal is also a sign of Apple’s increasing focus on India. The company has been steadily increasing its manufacturing presence in the country in recent years. In 2020, Apple began assembling the iPhone 12 Pro Max in India, and it is now planning to assemble the iPhone 15 and iPhone 15 Plus models in the country as well.
The Tata Group’s acquisition of Apple’s supplier factory is a significant development for the Indian manufacturing sector. It is a sign that global companies are increasingly looking to India as a hub for manufacturing. This is good news for the Indian economy, as it will create jobs and boost exports.
Here are some of the key details of the deal:
- The Tata Group will acquire Wistron Corporation’s factory in Karnataka, India.
- The factory has over 10,000 employees and currently assembles the iPhone 14 model.
- The deal is valued at over $600 million.
- The Tata Group will honor Wistron’s commitments to ship $1.8 billion worth of iPhones by the fiscal year ending March 2024 and triple the workforce of the factory by next year.
- The acquisition is expected to close in August 2023.
This is a major development for the Indian manufacturing sector and a sign of Apple’s increasing focus on India. It will create jobs and boost exports, and it is a positive development for the Indian economy.
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