
Tata Sons is seeking up to $1 billion through overseas loans to setup a mobile phone and component manufacturing plant in Tamil Nadu to make Iphone parts, The Economic Times reported citing quoting sources aware of the development.
The partnership with Apple will be part of Prime Minister Narendra Modi’s Make In India push.
The Tata Group will avail the benefits under recently unveiled PLI (productivity-linked incentive) scheme of the Modi government aimed at turning India to a global electronics manufacturing powerhouse.
According to the ET report, Tata Sons plan a capital expenditure of $1.5 billion for building manufacturing capacity in this area. It is looking to secure $750 million to $ 1 billion in external commercial borrowings while mobilising the remaining sum through internal accruals.
While the new production unit is expected to cater to Apple’s sourcing needs to begin with, it may eventually scale to meet the requirements of other original equipment manufacturers from South Korea and Japan.
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