Tata Group is negotiating a majority stake in Vivo India. Driven by govt push for local partnerships. Vivo seeks higher valuation; talks advanced but no deal yet.
Bhagwati Products (Micromax) now operates Vivo's Greater Noida factory, producing smartphones via a joint venture.
The Indian government mandates a 51% stake for Indian partners in joint ventures with Chinese handset companies.
Vivo India reported its second-highest profits of Rs 211 crore in FY23, with revenue reaching Rs 29,874.90 crore.
Tata Electronics is building one of India's largest iPhone assembly plants in Hosur, set to employ around 50,000 workers.
Tata Electronics aims to export high-precision machines for iPhone casing, partnering with Indian manufacturers.