The Tata Group has signed a binding share purchase agreement with SMS InfoComm (Singapore) Pte. Limited and Wistron Hong Kong Limited to acquire 100 per cent equity stake in Wistron Infocomm Manufacturing (India). It will enable the Tata Group to officially join the Apple supply chain as an iPhone assembler.
The deal is worth a total $750 million inclusive of a $550 million inter-corporate loan given by the parent to Wistron India. With the acquisition of the Wistron unit, the Tata Group will be able to move into end-to-end assembling of iPhones in India, becoming the first Indian company to join the ranks of Foxconn, Pegatron, Luxshare and Wistron in making iPhones.