Tata group to make iPhones, buys Taiwan-based Wistron Corp’s India unit for $125 million

The Tata group is set to become the first Indian iPhone maker with Taiwan-based Wistron Corp, a contract manufacturer for Apple Inc, selling its India unit to the salt-to-software conglomerate for $125 million.

“Wistron Corp held a board meeting on Friday and granted approval for its subsidiaries, SMS InfoComm (Singapore) and Wistron Hong Kong, to sign a share purchase agreement with Tata Electronics for the sale of its 100 per cent indirect stake in Wistron InfoComm Manufacturing (India),” Wistron said in the statement.

On confirmation and the signing of relevant agreements by both sides, the deal will proceed to obtain necessary approvals.