The board of Wistron authorised the sale of its India plant to the Tatas, and mentioned the transaction is tentatively estimated at $125 million.
TOI had first reported on the Tata group kick-starting iPhone manufacturing and taking cost of the Wistron plant in its version dated Could 16 this yr.
“Wistron Corp held a board of administrators assembly on Friday and granted approval for its subsidiaries, SMS InfoComm (Singapore) and Wistron Hong Kong to signal the Share Buy Settlement with Tata Electronics (TEPL) for the sale of its 100% oblique stake in Wistron InfoComm Manufacturing (India) (WMMI),” the Taiwanese firm mentioned.
After the affirmation and signing of related agreements by each side, the deal will proceed to acquire obligatory approvals. “Following the completion of the transaction, Wistron will make the required bulletins and filings in accordance with relevant regulation.”
The plant of Wistron is positioned close to Bengaluru.
The announcement by Wistron was shared by minister of state for electronics and IT Rajeev Chandrasekhar in a publish on X (previously Twitter). “@TataCompanies will now begin making iPhones from India for home and world markets from India,” Chandrasekhar mentioned, congratulating the Tata crew for taking up Wistron operations.
“Thanks @Wistron on your contributions, and nice going for Apple in constructing a world provide chain from India with Indian corporations at its helm,” Chandrasekhar mentioned within the publish.
The IT ministry, he mentioned, stands totally in help of the expansion of worldwide Indian electronics corporations that may, in flip, help world digital manufacturers which wish to make India their trusted manufacturing and expertise associate.
Earlier this yr, Apple CEO Tim Prepare dinner had an in depth assembly with Tata Sons chairman N Chandrasekaran in Mumbai throughout his India go to in April. It’s understood that the enterprise tycoons had mentioned the mega electronics manufacturing plans of the Tata Group.
