Tata Electronics has put together over ₹7,600 crore in funds to bolster its greenfield electronic component and contract manufacturing business through a mix of capital infusion from parent Tata Group and secured loans, as per regulatory disclosures.
What Happened? In fiscal 2023, Tata Sons injected ₹608 crore into Tata Electronics – the largest capital infusion in a single financial year – bringing the total capital infusion to ₹1,820 crore over the last three years, the Economic Times reported, citing sources.
See Also: Cred’s Decline in Average Transaction Value Signals Potential Trouble
The company has also secured ₹5,799 crore in loans, indicating its commitment to expand and strengthen its operations.
Tata Electronics is reportedly positioning itself to compete with industry giants like Foxconn and Dixon, and it is reportedly in the final stages of acquiring Wistron‘s iPhone manufacturing plant in Karnataka.
The acquisition would position Tata Electronics as the first domestic assembler of Apple‘s iPhones in India, marking a significant leap forward in the company’s expansion into electronic component manufacturing.
Read Next: Apple’s Betting App Dilemma: IT Minster Says Government Will Decide
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.