Tata Group,Korea one of India’s largest conglomerates, is in negotiations to acquire at least a 51% stake in the Indian subsidiary of Chinese smartphone manufacturer Vivo, according to Indian media outlet MoneyControl. A final deal has not yet been reached because Vivo is seeking a higher valuation than what Tata Group is currently offering, though Tata Group remains interested in the potential acquisition and plans to take control of the joint venture’s production and sales network for future localization, according to the report. Under continued pressure from the Indian government, Chinese smartphone manufacturers are being compelled to sell majority stakes in their Indian subsidiaries to continue operations in the country. Another Chinese smartphone brand, Oppo, is also in talks with local firms to divest its Indian subsidiary, the report added. [MoneyControl]
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