Shares of Samvardhana Motherson rose 4% on Tuesday morning after a media report suggested that a Motherson group JV is set to join Apple's supply chain in India. 

What Happened: Motherson group is set to join hands with Hong Kong-based BIEL Crystal Manufacturing, Economic Times reported citing sources. The move will make the Motherson group, the second large business group to be a vendor of Apple after Tata Group.

The JV is set to be a 51:49 shareholding with Motherson having a majority stake. The venture is planning to build a greenfield manufacturing in the South with Tamil Nadu being the likely candidate with an outlay of ₹2,000 to ₹2,500 crore. The business aims to have a turnover of ₹8,000 to ₹8,500 crore within four to five years after the operations start.

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BIEL is reportedly one of the largest suppliers of glass for smartphones. According to the company, it is one of the earliest manufacturers of glass screens for mobile phones which began in the early 2000s. BIEL currently produces glass screens for two of every three iPhones, the report said. 

BIEL's plants in China and Vietnam are on the approved list of vendors for Apple in India.

Price Action: Shares of Samvardhana rose 4.75% to ₹183.85 in the early hours of trading on Tuesday.

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