Titan Engineering and Automation, a subsidiary of the Tata Group, has acquired the Indian unit of Chinese industrial firm Justech Precision for close to $100 million, CNBC reported, citing sources familiar with the matter.
The deal strengthens Tata’s manufacturing capabilities amid Apple’s increasing focus on iPhone production in India.
The transaction, finalized in August, was advised by HSBC Bank and HDFC Bank, according to the sources.
Headquartered in Kunshan, Jiangsu province, China, Justech Precision has been an Apple supplier since 2008, providing industrial equipment, including computer numerical control (CNC) machines for precise cutting and fabrication, to Foxconn, the world’s largest assembler of Apple products.