Apple’s expanding business in India has catalysed significant growth at Tata Electronics, propelling the homegrown company to a pivotal position within the global smartphone manufacturing industry. According to recent filings with the Registrar of Companies (RoC), as reported by The Economic Times, Tata Electronics witnessed an astounding ninefold increase in sales year-on-year, with revenues soaring to ₹3,802 crore in the previous fiscal year, up from ₹401 crore in FY23.
This exponential growth can be largely attributed to Tata’s strategic acquisition of Wistron‘s iPhone assembly plant near Bengaluru, completed in March 2024. This move integrated Tata Electronics into Apple’s global supply chain, establishing it as India’s sole homegrown iPhone assembler.
Looking ahead, Tata Electronics is poised for further expansion. The company is reportedly planning to establish a new iPhone assembly unit in Hosur, Tamil Nadu, with a substantial investment of ₹6,000 crore. This facility is expected to commence operations in November 2024 (Economic Times).
Asides a newer facility, Financial Express had reported earlier this year that Tata Electronics was in talks to acquire a majority stake in Pegatron’s India factory, another of Apple’s contract manufacturers. The deal was expected post Lok Sabha Elections, by July-August, but so far there has been no word on it. If Tata closes on it, it could help the group further solidify its relations with Apple.
Meanwhile, Apple is preparing to manufacture its high-end iPhone 16 Pro and Pro Max models in India for the first time this year, and that could further help Tata Electronics boost its financials . Bloomberg reports that Foxconn’s factory in Tamil Nadu is already training workers to produce these premium devices, but soon Tata’s facility could also begin assembling Pro models, which per report, would mainly be exported outside of India.
During a recent earnings call, Apple CEO Tim Cook underscored the company’s success in India. He stated, “We set quarterly revenue records in more than two dozen countries and regions, including… India,” highlighting the increasing significance of the Indian market in Apple’s global strategy.
This exponential growth can be largely attributed to Tata’s strategic acquisition of Wistron‘s iPhone assembly plant near Bengaluru, completed in March 2024. This move integrated Tata Electronics into Apple’s global supply chain, establishing it as India’s sole homegrown iPhone assembler.
Looking ahead, Tata Electronics is poised for further expansion. The company is reportedly planning to establish a new iPhone assembly unit in Hosur, Tamil Nadu, with a substantial investment of ₹6,000 crore. This facility is expected to commence operations in November 2024 (Economic Times).
Asides a newer facility, Financial Express had reported earlier this year that Tata Electronics was in talks to acquire a majority stake in Pegatron’s India factory, another of Apple’s contract manufacturers. The deal was expected post Lok Sabha Elections, by July-August, but so far there has been no word on it. If Tata closes on it, it could help the group further solidify its relations with Apple.
Meanwhile, Apple is preparing to manufacture its high-end iPhone 16 Pro and Pro Max models in India for the first time this year, and that could further help Tata Electronics boost its financials . Bloomberg reports that Foxconn’s factory in Tamil Nadu is already training workers to produce these premium devices, but soon Tata’s facility could also begin assembling Pro models, which per report, would mainly be exported outside of India.
During a recent earnings call, Apple CEO Tim Cook underscored the company’s success in India. He stated, “We set quarterly revenue records in more than two dozen countries and regions, including… India,” highlighting the increasing significance of the Indian market in Apple’s global strategy.