iPhone manufacturer Wistron slashes loss estimates at Kolar plant

Apple global contractor and iPhone manufacturer Wistron has slashed loss estimates in the violence that broke out over the weekend at its Karnataka facility. The company has slashed estimate of losses at Kolar plant to Rs 26-52 crore.

They had earlier claimed losses worth Rs 437 crore in an FIR with the local police. The company clarified that there was no material damage to manufacturing equipment and warehouses. The revised loss estimates have been filed on Taiwan Stock Exchange.

The company had said that it was deeply distressed by the violence at Kolar plant but it remains committed to make electronic manufacturing succeed in India. The Karnataka government too has assured complete safety of Wistron's project.