HCL Infosystems on Monday announced that it has signed a distributor agreement with Apple for iPhones and other products in India.
"We wish to inform that the Distributor Agreement for distribution of iPhone and other Apple products has been signed with M/s Apple India Private Limited (M/s Apple), a confirmation of which is received by the Company from M/s Apple today," Shiv Nadar's HCL Infosystems said in a BSE filing.
This ends suspense over reports that HCL Infosystems is in talks with the Cupertino-based tech giant to distribute its products in India.
Currently, Apple products are being distributed by Beetel Teletech, Rashi Peripherals Redington and Ingram Micro.
Primarily a premium segment player, Apple is slowly opening up new avenues to expand its presence in India — a price-sensitive market with a gigantic user base scouting for devices in the Rs 15,000-Rs 30,000 range.
The number of smartphone users in India is expected to reach 340 million by the end of this year and, currently, Apple has three percent market share by volume and 11 percent share by value in the country.
This is poised to change as the Cupertino-based giant has set its eyes firmly on aspirational youth in order to create a new iOS user base in the mid-segment that will eventually shift to its premium models.
Apple CEO Tim Cook recently told Prime Minister Narendra Modi, who was in the US on an official visit, that his company is positive about the production of iPhone SE model in Bengaluru.
Apple's partner Wistron Corporation is manufacturing iPhone SE in Bengaluru.