Wistron’s board approved the sale of Wistron InfoComm Manufacturing (India) Private Ltd to Tata for $125 million (Rs 1,040 cr), Bloomberg said, quoting a statement by the Taiwanese electronics maker.
The Tata Group will soon make India’s first homegrown iPhone after Wistron Corp approved the sale of an assembly plant near Bengaluru. Union Minister Rajeev Chandrasekhar said manufacture would start within two and a half years. The airline-to-software conglomerate has been in talks with the Taiwanese iPhone maker for more than a year to take over the plant.
“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 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 tweeted.
A statement by the company on Friday confirmed board approval for the sale of Wistron InfoComm Manufacturing (India) Private Ltd. to Tata for $125 million. The companies will seek regulatory approvals after the deal is confirmed by both parties. Earlier reports citing anonymous sources had valued the Tata-Wistron deal at more than $600 million.
According to a Bloomberg report from July this year, Tata is also set to honour several manufacturing and hiring commitments made by Wistron as part of their agreement. This includes shipping iPhones worth at least $1.8 billion from the factory in the fiscal year through March 2024 to win state-backed financial incentives. Wistron had also indicated plans to triple its workforce in the plant by next year. The facility currently employs more than 10,000 workers who assemble the latest iPhone 14 model.
Ref: Bloomberg, Livemint...