Team Blitz India
MUMBAI: The Tata Groupis close to an signing an agreement which will allow it to acquire an Apple Inc. supplier’s factory in August, marking the first time a local company would move into the assembly of iPhones, according to people familiar with the matter.
Tata hopes to takeover the Wistron Corp. factory in Karnataka potentially valued at more than $600 million, that would cap about a year of negotiations, said the people, asking not to be named as the matter is private. The facility employs more than 10,000 workers, who assemble the latest iPhone14 model.
Wistron has committed to ship iPhones worth at least $1.8 billion from the factory in the fiscal year through March 2024 to win state-backed financial incentives, the people said. It also planned to triple the plant’s workforce by next year.
