IBNS: India’s largest conglomerate Tata Group is inching closer to an agreement to acquire an Apple Inc supplier’s factory in August, media reports said.
If the deal is reached then the Group will become the first Indian brand to assemble iPhones.
Tata Group, India’s largest conglomerate, is close to an agreement to acquire an Apple Inc. supplier’s factory as soon as August, marking the first time a local company would move into the assembly of iPhones, people familiar with the matter told Bloomberg.
A takeover of the Wistron Corp. factory in southern Karnataka state, potentially valued at more than $600 million, would cap about a year of negotiations, the people, asking not to be named as the matter is private, told Bloomberg.
The facility employs more than 10,000 workers.
It assembles iPhone 14 model.
Foxconn and Wistron are currently the two major companies that manufacture Iphones in India.