MetaX IPO Soars as China’s AI Chip Stocks Ignite Investor Frenzy 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
Blackstone Leads $400 Million Funding Round in Cyera at $9 Billion Valuation 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
Apple Opens iPhone to Alternative App Stores in Japan Under New Competition Law 
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease 
FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
OpenAI Explores Massive Funding Round at $750 Billion Valuation 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
Oracle Stock Surges After Hours on TikTok Deal Optimism and OpenAI Fundraising Buzz 
Amazon in Talks to Invest $10 Billion in OpenAI as AI Firm Eyes $1 Trillion IPO Valuation 
Treasury Wine Estates Shares Plunge on Earnings Warning Amid U.S. and China Weakness 
Delta Air Lines President Glen Hauenstein to Retire, Leaving Legacy of Premium Strategy 
Trump Administration Reviews Nvidia H200 Chip Sales to China, Marking Major Shift in U.S. AI Export Policy 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
Toyota to Sell U.S.-Made Camry, Highlander, and Tundra in Japan From 2026 to Ease Trade Tensions 
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
