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

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.

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,

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 has reportedly agreed to acquire a majority stake in Pegatron’s only iPhone manufacturing plant in India. This deal will create a new joint venture, further strengthening Tata’s role as an Apple supplier, according to two sources who spoke to Reuters.

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.

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.

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.

The Chennai plant, which employs around 10,000 workers and manufactures over 5 million iPhones annually, will become Tata’s third iPhone facility in India.