TapTechNews, Jun 17th, According to Moneycontrol, Tata Group in India is in talks to acquire a majority stake in vivo's Indian subsidiary.
The report said that after the Indian government promoted domestic companies to participate in its operations, including manufacturing and distribution, vivo has been looking for local partners.
A person familiar with the matter said: The discussion has entered the advanced stage and started to negotiate around the valuation. vivo has been seeking a higher valuation. Tata Group is very interested in this transaction but has not been finalized yet.
The report also mentioned that vivo's manufacturing plant located in Greater Noida, India, has been taken over by Bhagwati Products (Micromax) (TapTechNews note: This is an Indian manufacturer and assembler of electronic products and telecommunication equipment), and the latter has started to recruit employees and will soon start to produce smartphones for vivo through an original design manufacturing joint venture with Huaqin. Sources said that the joint venture between Bhagwati and Huaqin is waiting for the approval of the Indian government.