Tamil Nadu Signs Investment Deal Worth $4.4 Billion With Key Apple Suppliers Tata, Pegatron
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The southern Indian state of Tamil Nadu has announced investment agreements exceeding $4.39 billion with companies like Tata Electronics and Pegatron, which are key suppliers for tech giant Apple, the media has reported. The state has also signed investment deals with automotive giant Hyundai Motors. This move underscores Apple’s strategic focus on India for future growth, aiming to diversify production beyond China, says a report by news agnecy Reuters. Pegatron is actively working on establishing a second factory in the country, complementing Tata Group’s iPhone assembly operations initiated last year.
“The Tamil Nadu government will support investors in every way possible,” Chief Minister M K Stalin was quoted as saying at the event, adding that it sought to play a major role in India’s growth.
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A part of India’s biggest conglomerate, Tata Electronics has pledged an investment of 120.8 billion rupees for mobile phone assembly operations, as confirmed by the state government during the agreement signing, the Reuters report added.
Contract manufacturer Pegatron is actively progressing towards establishing its second factory in India, building on the foundation set by Tata Group, which commenced iPhone assembly operations in the country last year. Pegatron, a supplier for Apple iPhone devices, will also invest 10 billion rupees to expand production.
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Earlier last month, Tata Group revealed plans to construct one of the largest iPhone assembly plants in the country, aligning with Apple Inc.’s goal to boost manufacturing in the South Asian nation.
Previous reports also say that Tata is looking to expand the iPhone-casing manufacturing unit in Hosur. The initial investment for the Hosur facility amounted to Rs 5,000 crore. Tata Electronics intends to expand its efficiency in high-end electronics manufacturing by utilising its recently acquired iPhone assembly facility. This strategic move is said to expedite the company’s path to growth.
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