SpaceX Begins IPO Preparations as Wall Street Banks Line Up for Advisory Roles 
SUPERFORTUNE Launches AI-Powered Mobile App, Expanding Beyond Web3 Into $392 Billion Metaphysics Market 
Strategy Retains Nasdaq 100 Spot Amid Growing Scrutiny of Bitcoin Treasury Model 
Korea Zinc to Build $7.4 Billion Critical Minerals Refinery in Tennessee With U.S. Government Backing 
California Jury Awards $40 Million in Johnson & Johnson Talc Cancer Lawsuit 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
United Airlines Flight to Tokyo Returns to Dulles After Engine Failure During Takeoff 
Azul Airlines Wins Court Approval for $2 Billion Debt Restructuring and New Capital Raise 
Woolworths Faces Fresh Class Action Over Alleged Underpayments, Shares Slide 
Shell M&A Chief Exits After BP Takeover Proposal Rejected 
Ford Takes $19.5 Billion Charge as EV Strategy Shifts Toward Hybrids 
Air Force One Delivery Delayed to 2028 as Boeing Faces Rising Costs 
Coca-Cola’s Costa Coffee Sale Faces Uncertainty as Talks With TDR Capital Hit Snag 
United Airlines Tokyo-Bound Flight Returns to Dulles After Engine Failure 
FDA Says No Black Box Warning Planned for COVID-19 Vaccines Despite Safety Debate 
iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
Apple Inc.'s electronics parts suppliers, Pegatron and Tata Electronics, have signed an investment agreement with the state of Tamil Nadu in India. It was reported that Hyundai Motor and other investors are also investing, and the collective amount of investments is more than $4.39 billion.
According to Reuters, the Indian state announced its new pact with Pegatron, Tata Electronics, Hyundai Motor, and others on Sunday, Jan. 7. "The Tamil Nadu government will support investors in every way possible," M. K. Stalin, the Chief Minister of Tamil Nadu, said when the deal was announced.
Apple's Production Goal in India
With the investment, Apple relies on India to become the next major driver of its growth as it aims to move some of its production out of China. As Pegatron is building its second plant in India and the Tata Group started assembling iPhones last year, Apple could realize its diversifying goal soon.
In any case, the deals were revealed during the recent global investors meeting. The whole project involving Pegatron, Tata Electronics, and other investors is expected to create thousands of new jobs in Tamil Nadu; thus, this is considered an important pact for the Indian state.
The Investment Agreements
Pegatron, a leasing Apple supplier, is investing 10 billion rupees to boost its production in India. On the other hand, Tata Electronics is putting in 120.8 billion rupees to enhance its mobile phone assembly operations.
Meanwhile, the Business World reported that the Memorandum of Understanding (MoU) that formalized the investments was signed during the Tamil Nadu Global Investors Meet 2024, which took place from Jan. 7 to Jan. 8.
The signing ceremony was also attended by the Chief Minister, M.K. Stalin, and Piyush Goyal, the Union Minister of Commerce and Industry. The other investors who unveiled their Tamil Nadu investment plans include Mitsubishi Electric, TVS Group, JSW Renewables, and First Solar.
Photo by: Pegatron Website
