Hyderabad: The board of the Taiwan-based Wistron Corp., a contract manufacturer for Apple, has approved the sale of its India unit to the Tata Group for a USD 125 million deal.
The company will sell a 100% stake in the unit Wistron InfoComm Manufacturing (India) Pvt. to Tata Electronics Pvt., following board approval, said a statement from the company. The statement was shared in social media by Union Minister of State for Electronics & Technology, Rajeev Chandrasekhar.
He attributed the success of the board approval to Prime Minister Narendra Modi's (Performance Linked Incentive)PLI scheme, which he said has already propelled India into becoming a trusted and major hub for smartphone manufacturing and exports.
Now within just two and a half years, Tata Group will now start making iPhones from India for domestic and global markets from India.
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 also assured full support of Ministry of Electronics and IT in "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 PMs goal of making India a global electronics power."
India is now the second-biggest manufacturing hub for mobile phones due to heavy investment from original equipment manufacturers, original design manufacturers and companies dealing in components and parts, according to Counterpoint. The country saw mobile phone exports worth $5.5 billion (over Rs 45,000 crore) in the April-August period in the current fiscal year (FY24), government and industry data showed.
As per the estimates by the Department of Commerce and the India Cellular and Electronics Association (ICEA), the April-August period saw mobile phone exports worth $5.5 billion, against $3 billion (about Rs 25,000 crore) in the same period in FY22-23. India is set to cross Rs 1,20,000 crore in mobile phone exports in the current fiscal year, with Apple leading the market with more than 50 per cent in FY24.
