Tata Surpasses Foxconn as Apple’s Largest Manufacturer in India

Tata Electronics has overtaken Foxconn to become Apple’s largest contract manufacturer in India, employing about 75,000 workers—up from just 15,000 two years ago—thanks to acquisitions of Wistron and Pegatron’s local operations and rapid expansion at its Hosur plant in Tamil Nadu.

Foxconn however is longstanding global partner of Apple and still a major assembler of iPhones in India. With its new Sriperumbudur (Tamil Nadu) facility and a massive upcoming plant in Devanahalli, Bengaluru, Foxconn is expected to regain ground once these new facility scales.

Foxconn's new Bengaluru plant likely to challenge Tata’s lead later in 2026. Wistron and Pegatron have been absorbed into Tata, consolidating Apple’s India supply chain.

India’s role in Apple’s global strategy is expanding rapidly, with iPhone exports hitting $23 billion in 2025 and continuing to grow.  

• Tata Electronics Workforce: ~75,000 employees (2026), up from 15,000 in 2023
• Foxconn Workforce: Currently smaller in India, but expected to rise once its Devanahalli, Bengaluru plant ramps up
• Facilities: Tata’s growth driven by its 500-acre Hosur plant (Tamil Nadu) plus acquisitions of Wistron and Pegatron’s India operations
• Apple’s India Strategy: India now produces ~55 million iPhones annually, accounting for 14% of global output
• Exports: iPhones made in India contributed ₹2 lakh crore in FY26 exports, India’s single largest branded export

Factor	Tata Electronics	Foxconn
Employees (India)	~75,000	Fewer, but expanding
Major Sites	Hosur (Tamil Nadu), Wistron & Pegatron facilities	Sriperumbudur (Tamil Nadu), upcoming Devanahalli (Bengaluru)
Growth Driver	Acquisitions + aggressive hiring	New mega plant under construction
Apple Role	Largest India contract manufacturer	Longstanding global partner, temporarily second in India

• Temporary Lead: Tata’s dominance is by headcount; Foxconn’s upcoming Bengaluru plant could reclaim the top spot
• Execution Challenges: Rapid expansion risks operational inefficiencies if not managed carefully
• Global Competition: India still lags China in local value addition (15–20% vs. China’s 40%). Scaling beyond assembly into semiconductors and advanced packaging will be critical

To summarize, Tata’s rise marks a turning point in India’s electronics manufacturing story, positioning it as Apple’s strongest local partner. But the contest with Foxconn is far from settled—2026 will likely see intense competition as both firms expand capacity in India.

The information above is first reported by the Economic Times based (April 30, 2026) based on industry sources directly involved in Apple’s India supply chain, including executives familiar with Tata Electronics’ hiring surge and Apple’s contract manufacturing arrangements.

Accenture Expands Global Footprint with ₹325 Crore Pune GCC Lease

Accenture has leased over 600,000 sq ft of office space at Phoenix Millennium Towers in Baner, Pune, to set up a new Global Capability Centre (GCC). The ₹325 crore, 15‑year deal is one of the largest commercial real estate transactions in Pune this year, with full operations expected by June 2026.

• Location: Phoenix Millennium Towers, Baner, Pune
• Size: 600,000+ sq ft across nine floors
• Lease Tenure: 15+ years
• Value: Approx. ₹325 crore
• Phases: Occupation in two phases, completing by June 2026
• Purpose: Establishment of a Global Capability Centre (GCC)

Why Pune for GCCs:

• Strong IT ecosystem & talent pool
• Lower operational costs compared to Bengaluru and Mumbai
• Rapidly growing business hubs like Baner, Hinjewadi, and Balewadi
• Infrastructure upgrades boosting attractiveness

Industry Context:

• GCCs account for 45.5% of India’s total office leasing demand in Q1 2026
• India’s office market saw 21.5 million sq ft leased in Jan–Mar 2026
• Multinationals view India as a strategic centre for AI, cloud, and digital transformation

Impact on Jobs & Economy:

• Employment boost in software engineering, AI & data analytics, cloud & digital services
• Strengthens Pune’s position as a global tech hub
• Supports local real estate growth and ecosystem development

City	Strengths	Challenges
Pune	Strong talent pool, lower costs, growing hubs	Infrastructure catching up with demand
Bengaluru	Largest IT ecosystem, global recognition	Higher costs, congestion
Hyderabad	Strong infra, govt support, pharma + tech mix	Competition for talent
Gurugram	Proximity to Delhi, strong corporate base	Higher real estate costs

Accenture’s Pune GCC deal is a strategic signal of India’s rising role in global innovation hubs. For Pune, this means more jobs, stronger real estate demand, and elevated status as a preferred GCC destination.

TCS and Australian Securities Exchange (ASX) Launch Modern Clearing System with CHESS Release 1

Tata Consultancy Services (TCS) and the Australian Securities Exchange (ASX) have officially gone live with CHESS Release 1 — the first phase of ASX’s Clearing House Electronic Subregister System modernization, focused on cash clearing and settlement.

• Go‑Live Date: April 28 2026 (Sydney | Mumbai)
• Partners: Tata Consultancy Services (TCS) and Australian Securities Exchange (ASX)
• System: CHESS Release 1 — Clearing House Electronic Subregister System
• Focus: Cash clearing & settlement for eligible financial products
• Technology Stack: TCS BaNCS for Market Infrastructure, Quartz Gateway Solutions, Cloud‑hosted architecture, ISO 15022, ISO 20022, FIX standards

What CHESS Release 1 Delivers:

• Modernized Clearing Component: Real‑time trade novation and netting across asset classes
• Resilience & Scalability: Benchmarked for high‑volume processing
• Inter‑Exchange Connectivity: Integrates multiple Australian trading venues
• Compliance: Aligned with global post‑trade standards and CCP requirements

Leadership Commentary:

• Tim Whiteley, CIO ASX: “Release 1 marks a significant milestone in modernizing Australia’s critical market infrastructure.”
• R. Vivekanand, President BFSI Products & Platforms, TCS: “We are proud to have partnered with ASX on their modernization strategy and the successful go‑live of CHESS Release 1.”

Strategic Significance:

Aspect	Impact
Market Infrastructure Modernization	Strengthens Australia’s post‑trade ecosystem and global competitiveness
Cloud‑Native Architecture	Enhances resilience, scalability, and operational efficiency
Cross‑Market Integration	Supports multiple exchanges and asset classes
Future Roadmap	Release 2 targeted for 2029, expanding to securities registration and settlement

Broader Context:

• TCS demonstrates global leadership in market‑infrastructure modernization.
• ASX takes a critical step in its digital‑transformation journey.
• Ensures faster, safer, and more transparent post‑trade operations for Australia’s capital markets.

CHESS Release 1’s go‑live marks a foundational leap in Australia’s financial‑market modernization, combining TCS’s proven technology with ASX’s strategic vision for next‑generation clearing and settlement.

Infosys Falls Out of India’s Top 10 Most Valuable Companies

Infosys has officially slipped out of India’s Top 10 most valuable companies by market capitalization in April 2026, after losing nearly ₹2 lakh crore in value since January. LIC and Bajaj Finance have overtaken Infosys, reflecting a broader market shift where banks and non‑IT heavyweights are outperforming traditional IT firms.

• Market Cap Erosion: Infosys’s market capitalization fell from ~₹6.9 lakh crore in January 2026 to ~₹4.9–5.0 lakh crore by late April.
• Q4 FY26 Results: Net profit rose 20.9% (₹8,501 crore) and revenue grew 13.4% (₹46,402 crore), but FY27 guidance disappointed (1.5–3.5% growth).
• AI Disruption Concerns: Analysts flagged reduced demand for traditional IT services due to AI adoption.
• Stock Performance: Shares fell over 24% between January and mid‑February 2026, closing at ₹1,242 on April 23.

Who replaced Infosys in the Top 10:

• LIC: Market cap ~₹5.5 lakh crore, ahead of Infosys.
• Bajaj Finance: Entered the Top 10 with strong NBFC momentum.
• Reliance Industries: Still India’s most valuable company.
• HDFC Bank: Overtook TCS in rankings.
• Bharti Airtel: Benefiting from strong subscriber growth.

Current Snapshot (April 2026):

Rank	Company	Sector	Market Cap (Approx.)
1	Reliance Industries	Energy/Telecom	₹19+ lakh crore
2	HDFC Bank	Banking	₹12+ lakh crore
3	TCS	IT Services	₹11+ lakh crore
4	ICICI Bank	Banking	₹8+ lakh crore
5	SBI	Banking	₹7+ lakh crore
6	Bharti Airtel	Telecom	₹6+ lakh crore
7	LIC	Insurance	₹5.5 lakh crore
8	Bajaj Finance	NBFC	₹5.2 lakh crore
9	Hindustan Unilever	FMCG	~₹5 lakh crore
10	Infosys (now outside)	IT Services	~₹4.9–5.0 lakh crore

Key Takeaways:

• Infosys’s exit marks a turning point for IT firms in India’s market‑cap rankings.
• Financials and telecom are driving growth, reflecting investor confidence.
• AI disruption reduces demand for legacy IT outsourcing models.

Dai Nippon Printing Co. Opens First India R&D Centre at IIT Hyderabad to Advance EV Power Transfer and API Innovation

• Joint research to focus on wireless power transfer systems for EVs and Active Pharmaceutical Ingredients (APIs)
• Facility established at IITH Technology Research Park (TRP) to accelerate industry–academia collaboration
• Initiative to drive commercialisation of advanced technologies for India and global markets

Dai Nippon Printing Co. Ltd. (DNP) inaugurated its first Research & Development (R&D) centre in India at the Indian Institute of Technology Hyderabad (IITH), marking its second overseas R&D base globally. Located at the IITH Technology Research Park (TRP), the centre will focus on advancing joint research in electric mobility and healthcare, while strengthening India–Japan innovation collaboration and accelerating the development and commercialization of next-generation technologies.

The inauguration ceremony witnessed the presence of key dignitaries and representatives from academia, industry, and government, including Mr. Muneo Takahashi, Consul General of Japan; Mr. Osamu Nakamura, Senior Managing Director, DNP; and Prof. B S Murty, Director, IITH, along with senior representatives from Japanese organisations and partner institutions.

The newly established centre will drive joint research initiatives between IITH and DNP in priority areas such as wireless power transfer systems for electric vehicles (EVs) and development of synthesis routes for Active Pharmaceutical Ingredients (APIs)—both critical to sustainable mobility and affordable healthcare.

Located within the IITH TRP, the facility is designed to enable seamless collaboration between academia and industry, combining IITH’s research strengths and talent ecosystem with DNP’s advanced technological capabilities to accelerate innovation and real-world implementation.

Hyderabad’s emergence as a hub for Mobility innovation, Pharmaceuticals, Semiconductors, and Advanced Manufacturing further strengthens the strategic relevance of this collaboration, with potential to expand into Middle East and African markets.

In the mobility domain, the centre will focus on the design, development, and demonstration of wireless power transfer systems for EVs, while in healthcare, it will advance process development and scalable synthesis of APIs, enabling faster translation from research to manufacturing and global deployment.

Prof. B S Murty, Director, IIT Hyderabad, said, "The inauguration of DNP’s R&D centre at IITH marks an important step in strengthening global industry–academia collaboration. This partnership brings together cutting-edge industrial technology and academic research to address critical challenges in mobility and healthcare. It also reinforces the role of IITH as a hub for translational research and innovation aligned with national priorities and global needs.”

Senior Managing Director Osamu Nakamura, DNP said, "As DNP marks its 150th anniversary, establishing this new R&D Centre at IIT Hyderabad is important for us to create future standards. Here, we will learn IIT Hyderabad’s expertise and combine it with DNP’s strengths to create new businesses in India, starting with mobility and healthcare. We look forward to strengthening a long-term partnership and contributing to the growing relationship between India and Japan.”

The collaboration is expected to further promote talent development, knowledge exchange, and joint innovation programs, offering students and researchers opportunities to work on globally relevant technologies, while deepening the India–Japan partnership in research and technology.

With this initiative, IIT Hyderabad continues to expand its Technology Research Park ecosystem, attracting leading global companies and enabling a collaborative environment that bridges research, development, and commercialization.

About DNP:

Dai Nippon Printing Co., Ltd. (DNP), established in 1876, is a leading global company that leverages print-based and advanced material technologies to create innovative solutions across diverse sectors. The company has strong expertise in microfabrication and precision coating technologies, enabling it to serve industries such as electronics, display technologies, optical films, mobility, and healthcare, while contributing to sustainability and global innovation.

About IITH:

IITH, established in 2008, has reached a respectable position in academics, research, technology development, and Start-ups in a short span of 17+ years. In the National Institutional Ranking Framework (NIRF-2025), IITH is ranked 7th among Engineering institutes (crossing a first-generation IIT this year), and is ranked 6th in Innovation, while it has maintained its rank within the top 10 Engineering Institutes ever since NIRF was launched. IITH is ranked 664th and 270th in the QS World and Asian University Rankings 2026, respectively (among the top 10% of global institutions in citations per faculty). IITH has recorded a major leap in the QS World University Rankings 2026 by Subject, entering the global Top 400 in Engineering & Technology with a rank of 395, marking a sharp improvement from the 501–550 band in 2025. IITH secured 46 positions by 31 faculties in the Stanford /Elsevier Global Top 2% Scientists list 2025 across two categories. IITH has been striving for excellence with a motto of "Inventing & Innovating in Technology for Humanity (IITH)".

With 340+ full-time Faculty, 360+ non-teaching Staff and 5,720+ Students (PG+PhD students accounting for about 60%), IITH has a strong research focus with 5470+ R&D Projects worth of Rs. 1770 Cr (Rs. 245+ Cr funding in 2025-26), 13,300+ Publications, 2,64,400+ Citations, 160 h-index, 730 Patents (250 Patents in 2025, i.e., 0.75 patents per faculty in 2025, making it possibly the best Indian institute in terms of patents filed per faculty in a year), and about 280+ Start-ups (that have generated 1100+ jobs with a revenue of Rs. 1500+ Cr).