Indian conglomerate Tata Groupwhich makes everything from salt to software is reportedly in talks with Taiwan Wistron Corporation to set up an electronics manufacturing joint venture in India with the aim of assembling iPhones there.
What happened: Discussions with Wistron Corp are aimed at making Tata a force in technology manufacturing, and the group wants to leverage the Taiwanese company’s expertise in product development, supply chain and assembly. Bloomberg reported cite sources.
Also read: Why Alibaba, Nio & Other Stocks Are Shooting Higher in Hong Kong Today
The plan could include Tata acquiring stakes in Wistron’s Indian operations, or the companies could build a new assembly plant, Bloomberg reported, citing sources. The report also said it was not immediately clear if Apple inc AAPL was aware of the conversations.
The news comes at a time when Apple is aiming to diversify its manufacturing away from China and deepen its supply chain in India, it said.
Why it matters: An Indian company that builds iPhones would be a huge boost for the country’s manufacturing sector as it would help attract more business from similar companies looking to reduce their dependence on China.
The Tata Group, Wistron Corp. and Apple did not immediately respond to an email seeking comment.
