India's Tata Electronics has agreed to buy a majority stake in Taiwanese contract manufacturer Pegatron's only iPhone plant in India, forming a new joint venture that strengthens Tata's position as an Apple supplier,

Tata Electronics and Taiwanese electronics manufacturer Pegatron Corporation have, reportedly, reached an agreement under which the Tata Group company

The acquisition will result in a joint venture, in which Tata will own 60% and Pegatron will have 40% interest.

Tata Electronics is set to acquire a majority stake in Pegatron’s iPhone manufacturing plant in Tamil Nadu, marking a significant expansion of Tata’s role as an Apple supplier. Under the terms of the agreement,

India’s Tata Electronics will acquire a majority stake in Taiwanese contract manufacturer Pegatron’s sole iPhone plant in India, which will form a joint venture that bolsters Tata as supplier to Apple (NASDAQ:AAPL),

Tata Electronics will now own a 60 percent stake with Pegatron holding the balance in a joint venture operating the facility, near Chennai. Economic Times, which reported the news earlier today, puts the value of the deal at $150-200 million, citing sources.

Reports earlier this year suggested that Pegatron had Apple’s backing for the transaction as the Taiwanese company scaled down its involvement with the tech giant.

India's Tata Electronics is reportedly buying a 60 percent stake in Taiwan-based Pegatron's only India iPhone facility, strengthening Tata's position as Apple's main supplier partner in the country.

This deal will enhance Tata's iPhone manufacturing operations, as the company already operates a plant in Karnataka. Tata will hold a 60 percent stake in the joint venture.