Weeks after Ratan Tata’s death, Noel Tata takes BIG decision, may buy stake in this Apple partner for Rs….

Apple aims to open more retail stores and achieve 25 percent of its total iPhone production in India by 2023.

New Delhi: In a major move, the Noel Tata-led Tata Electronics is all set to buy a majority stake in the iPhone manufacturing plant in Tamil Nadu from Pegatron. According to the reports, the company will also set up a joint venture with Pegatron that will help Tata increase its share in the Apple supplier.

After the agreement, Tata electronics will have power over 60 percent of the company and running day-to-day operations, while Pegatron retains the 40 percent stake and will continue to provide technical support.

Pegatron makes around 5 million iPhones a year at the plant and employs 10,000 people. The American technology giant is diversifying production away from China as geopolitical tensions continue, and this acquisition is part of that strategy. As part of its expansion strategy, Apple aims to open more retail stores and achieve 25 percent of its total iPhone production in India by 2023.

Apple’s manufacturing efforts in India have proven highly successful, achieving exports worth USD 10 billion in FY23-24. The company is breaking export records and strengthening its foothold in the Indian market while reinforcing its commitment to local production.

Apple’s CEO Tim Cook expressed excitement about the company’s growth in India, saying that it had a record revenue year and is planning to expand further.