Tata Said to Seal Deal with Pegatron for iPhone Plant in Tamil Nadu

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

***** Said to Seal Deal with Pegatron for iPhone Plant in Tamil Nadu

India’s ***** Electronics has agreed to buy a majority stake in Taiwanese contract manufacturer Pegatron’s only iPhone plant in India, forming a new ****** venture that strengthens *****’s position as an Apple supplier, two sources told Reuters.

Under the deal announced internally last week, ***** will hold 60 percent and run daily operations under the ****** venture, while Pegatron will hold the rest and provide technical support, said the two sources, who declined to be named as the details are not yet public.

The sources did not elaborate on the financials of the deal.

***** declined to comment, while Apple and Pegatron did not respond to Reuters queries on Sunday.

Reuters was first to report in April that Pegatron had the backing of Apple and was holding advanced talks to sell its only iPhone plant in India to *****, marking the Taiwanese firm’s latest scale back of its Apple partnership.

Apple is increasingly looking to diversify its supply chain beyond China amid geopolitical tensions between Beijing and Washington. For India’s *****, the Chennai Pegatron plant will bolster its iPhone manufacturing plans.

***** is one of the largest conglomerates in India and has been fast expanding into iPhone manufacturing, rivaling the only other iPhone contract manufacturer operating in India, Foxconn.

The announcement for the deal’s closure was made internally at the iPhone plant on Friday, said the first source.

The second source said the two companies plan to file for an approval of the Competition Commission of India (CCI) in the coming days.

***** already operates an iPhone assembly plant in the southern state of Karnataka, which it took over from Taiwan’s Wistron last year. It is also building another in Hosur in Tamil Nadu, where it also has an iPhone component plant which was involved in a ***** incident in September.

Analysts estimate India will contribute 20-25 percent of total iPhone shipments this year, from 12-14 percent last year.

The *****-Pegatron plant, which has around 10,000 employees and makes 5 million iPhones annually, will be *****’s third iPhone factory in India.

© Thomson Reuters 2024

This is the hidden content, please

• Sign In
• or
• Sign Up

#***** #Seal #Deal #Pegatron #iPhone #Plant #Tamil #Nadu

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up