CapitaLand is divesting a 750,000 sq ft industrial unit in Chennai leased to Pegatron, a key Apple supplier, with potential bids reaching Rs600 crore. Brookfield, Hines, and Hillhouse Capital are among the interested parties. The facility is significant for iPhone manufacturing in India, producing around 750,000 units, including refurbished models.
Singapore-based CapitaLand is in the process of selling an industrial unit in Chennai which is leased to Pegatron, one of the largest suppliers of Apple, two people aware of the development said. The 750,000 sq ft leased asset is expected to fetch nearly Rs600 crore. Brookfield, Hines and Hillhouse Capital are among the shortlisted bidders. CapitaLand is seeking board approval for rebidding.
"It is on a long-term lease and holds significant value since Apple products are manufactured there. The CapitaLand board is also reassessing the process after receiving the first round of bids. Although global firms have shown interest, the decision on rebidding is yet to be taken," said one of the persons quoted above. Industry sources said 750,000 iPhones are manufactured out of this facility, including some refurbishment. "It's a very high-end industrial facility and one of the largest for the manufacturing of iPhones in India," the executive said.
CapitaLand, Hines and Brookfield declined to comment. Hillhouse did not respond to the email query. Earlier this year, tech giant Apple chartered cargo flights to ferry 600 tonnes of iPhones, or as many as 1.5 million units, to the US from India after it stepped up production there in an effort to beat President Donald Trump's tariffs.
Recently, Tata Electronics acquired a 60% majority stake in Pegatron's Indian unit, Pegatron Technology India. The acquisition includes Pegatron's iPhone assembly plant in Tamil Nadu. Property consultancy Cushman & Wakefield's survey points out that 88% of manufacturers are scaling up due to infrastructure-led confidence and over 95% report improved logistics access through government-backed programmes.
The study revealed high optimism regarding the impact of government-led infrastructure initiatives such as Bharatmala, Sagarmala, Dedicated Freight Corridors and the National Industrial Corridor Development.
