Salt-to-software conglomerate Tata Group is all set to become the first Indian iPhone maker as Wistron Corporation agreed to sell its India plant to the group for approximately $125 million.
The plant is located near Bengaluru.
"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 announced 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," the company added.
Earlier, a Bloomberg report had said Tata Group was in talks for acquiring a factory from a supplier of Apple Inc. Wistron is among the three Taiwanese iPhone manufacturers in India, apart from Foxconn and Pegatron.
Minister of State for Electronics and IT Rajeev Chandrasekhar shared the announcement by Wistron on X (formerly Twitter).
"@TataCompanies will now start making iPhones from India for domestic and global markets from India," Chandrasekhar said, and congratulated 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," Chandrasekhar said in the post.
He said the government stands fully in support of the growth of global Indian electronics companies that will in turn support global electronic brands that want to make India their trusted manufacturing and talent partner and to realize Prime Minister Narendra Modi's goal of making India a global electronics power.