Tata Group being the first homeground maker of Apple iphone paving its path to global markets
Tata Group has marked a historic milestone by becoming India’s inaugural iPhone manufacturer, with plans to serve the global market, while finalising the acquisition of the Wistron Plant for a substantial $125 million. Union Minister Rajeev Chandrashekhar made the announcement on X, formerly known as Twitter, in response to this momentous development.
PM @narendramodi Ji’s visionary PLI scheme has already propelled India into becoming a trusted & major hub for smartphone manufacturing and exports.
— Rajeev Chandrasekhar 🇮🇳 (@Rajeev_GoI) October 27, 2023
Now within just two and a half years, @TataCompanies will now start making iPhones from India for domestic and global markets from… pic.twitter.com/kLryhY7pvL
Chandrashekhar gave credit to Prime Minister Narendra Modi for the PLI scheme, which has already helped India establish itself as a reliable and significant base for the production and export of smartphones.
According to a press release by Wistron Corp, during an official announcement made in a board meeting, the company authorized its subsidiaries, namely SMS InfoComm (Singapore) Pte. Ltd. and Wistron Hong Kong Limited, to enter into a share purchase agreement with Tata Electronics Private Limited (TEPL). The approval pertains to the authorisation for these subsidiaries to enter into a share purchase agreement with Tata Electronics Private Limited (TEPL). The subject matter of this agreement involves the divestiture of the company’s complete indirect stake, amounting to 100%, in Wistron InfoComm Manufacturing (India) Private Limited.
The release further stated that, “Upon confirmation and signature of the relevant agreements by both parties, the deal will proceed to obtain the necessary approvals. Following the completion of the transaction, Wistron will make the required announcements and filings in accordance with applicable regulations.”
Reports state that Tata group has been in talks for over a year with Taiwanese iphone manufacturers in India, Wistron being one of them.
For Tata, taking this step forward means diversifying its business, with its initial step beginning with heightened recruitment initiative at its Hosur facility, located near Bengaluru, dedicated to the production of iPhone components. The expansive land holdings at this plant provide ample space for potential future additions of iPhone manufacturing lines. Additionally, Tata Group has unveiled plans to establish 100 Apple authorized stores across the vast market of 1.4 billion in India.
Giving further information about the deal between Tata & Wistron, Rajeev Chandrashekhar, the Union Minister added, “Within just two and a half years, Tata Companies will now start making iPhones from India for domestic and global markets. Congratulations to the Tata team for taking over Wistron’s operations. Thank you Wistron for your contributions, and great going for Apple in building a global supply chain from India with Indian companies at its helm.”
