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Story
Tata Acquires 60% of Pegatron’s Only India iPhone Plant in Tamil Nadu
Nov 18, 2024, 02:49 AM
Tata Electronics has agreed to acquire a 60% stake in Pegatron's only iPhone manufacturing plant in India, located near Chennai in Tamil Nadu, forming a new joint venture that strengthens Tata's position as an Apple supplier. Under the deal, announced internally last week, Tata will oversee daily operations, while Pegatron will retain 40% ownership and provide technical support. The acquisition, valued at approximately $150-200 million, marks Tata's third iPhone manufacturing facility in India and is expected to accelerate Apple's efforts to diversify its production base beyond China. The plant employs about 10,000 workers and produces around 5 million iPhones annually. Apple's iPhone exports from India have grown significantly, from $1.2 billion in FY22 to $5 billion in FY23, and are projected to reach $10 billion in FY24.
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