Overview
- The acquisition closed in August for close to $100 million, with HSBC Bank and HDFC Bank advising, according to people familiar with the deal.
- Justech, headquartered in Kunshan, has supplied Apple since 2008 and makes precision equipment such as CNC machines used by assemblers like Foxconn, with its India arm based in Tamil Nadu.
- The deal follows Tata's reported purchase of a 60% stake in Pegatron's India operation and adds capacity to its iPhone assembly network across plants in Tamil Nadu and Karnataka, including the former Wistron facility.
- Foxconn currently accounts for about two-thirds of iPhone shipments from India versus roughly one-third for Tata, a balance that Counterpoint expects to shift as Tata scales production.
- India is projected by Counterpoint to reach around 26% of global iPhone shipments by end-2025, and Apple reportedly aims to source all U.S.-market iPhones from India by end-2026, though building a fully local supplier base will take years.