Tata Group to make iPhones in India
Wistron's board has approved the plan for the sale of its India plant to the salt-to-software conglomerate estimated at $125 million.
Tata Group is all set to become the first Indian iPhone maker as Wistron's board has approved the plan for the sale of its India plant to the salt-to-software conglomerate. In a statement, Wistron said the transaction price is tentatively estimated at $125 million.
"Wistron Corp held a Board of Directors meeting today and granted approval for its subsidiaries, SMS InfoComm (Singapore) Pte Ltd and Wistron Hong Kong Ltd to sign the Share Purchase Agreement with Tata Electronics Pvt Ltd (TEPL) for the sale of its 100 per cent indirect stake in Wistron InfoComm Manufacturing (India) Pvt Ltd (WMMI)," Wistron said in the statement.
On confirmation and signing of relevant agreements by both sides, the deal will proceed to obtain necessary approvals. "Following the completion of the transaction, Wistron will make the required announcements and filings in accordance with applicable regulation," it noted.
Wistron's plant is located near Bengaluru.
The announcement by Wistron was shared by Minister of State for Electronics and IT Rajeev Chandrasekhar in a post on X (formerly Twitter).
"@TataCompanies will now start making iPhones from India for domestic and global markets from India," Chandrasekhar said, congratulating the Tata team for taking over Wistron 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," he added.
The IT ministry, he said, stands fully in support of the growth of global Indian electronics companies that will, in turn, support global electronic brands who want to make India their trusted manufacturing and talent partner.
Edited by Suman Singh