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MARKETS LIVE BLOG:

STOCKS SURGE AS RATE-HIKE FEARS FADE, WITH APPLE ON DECK

Paramount shares jump on Sony, Apollo US$26 billion buyout offer: Report

UPDATE 2-Apple's India iPhone output hits $14 bln, Bloomberg News reports

Reuters
·1 min read

(Updates with Apple's response in paragraph 4)

April 10 (Reuters) - Apple Inc has assembled $14 billion worth of iPhones in India in fiscal 2024, Bloomberg News reported on Wednesday.

Apple now makes as much as 14% or about 1 in 7 of its marquee devices from India, the report said, citing people familiar with the matter.

Foxconn assembled nearly 67% while Pegatron Corp made about 17% of the India-made iPhones, the Bloomberg report added. Wistron Corp's plant in the southern Indian state of Karnataka, which the Tata Group took over last year, made the remaining.

Apple declined to comment on the Bloomberg report.

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Apple is increasingly looking to diversify its supply chain beyond China amid geopolitical tensions between Beijing and Washington, even as China remains the largest iPhone-making hub in the world.

Reuters reported on Monday that Pegatron is in advanced talks to hand over control of its only iPhone manufacturing facility, located near Chennai in the southern state of Tamil Nadu, to the Tata Group.

The Indian consumer goods conglomerate is also building another plant in Hosur in Tamil Nadu, with Pegatron likely to emerge as its joint venture partner. (Reporting by Rishabh Jaiswal in Bengaluru; Editing by Janane Venkatraman )