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Nintendo Expects to Sell 15 Mn Switch Consoles this Year

This photo taken on May 8, 2023 shows the logo for Japanese gaming giant Nintendo at the company's official store in Tokyo's Shibuya district. (Photo by Richard A. Brooks / AFP)
This photo taken on May 8, 2023 shows the logo for Japanese gaming giant Nintendo at the company's official store in Tokyo's Shibuya district. (Photo by Richard A. Brooks / AFP)
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Nintendo Expects to Sell 15 Mn Switch Consoles this Year

This photo taken on May 8, 2023 shows the logo for Japanese gaming giant Nintendo at the company's official store in Tokyo's Shibuya district. (Photo by Richard A. Brooks / AFP)
This photo taken on May 8, 2023 shows the logo for Japanese gaming giant Nintendo at the company's official store in Tokyo's Shibuya district. (Photo by Richard A. Brooks / AFP)

Japan's Nintendo Co Ltd on Tuesday said it expects to sell 15 million Switch game consoles in the financial year to end-March 2024, compared with 17.97 million the previous year.

The Kyoto-based gaming firm posted operating profit of 504.38 billion yen ($3.73 billion) in the year ended on March 31, beating estimates, compared with profit of 592.76 billion yen a year earlier.

Nintendo is facing slowing demand for its aging Switch console in its seventh year on the market, even as supply chain snarls have eased and the company bolsters its games lineup.

On Friday Nintendo launches "The Legend of Zelda: Tears of the Kingdom", one of the most widely anticipated games of the year, Reuters reported.

The robust appeal of Nintendo's roster of characters has been underscored in recent weeks by the box office success of "The Super Mario Bros. Movie".

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Tata Seals Deal with Pegatron for iPhone Plant in India's Tamil Nadu

FILE PHOTO: Apple iPhones are seen inside India's first Apple retail store during a media preview, a day ahead of its launch in Mumbai, India, April 17, 2023. REUTERS/Francis Mascarenhas/File Photo
FILE PHOTO: Apple iPhones are seen inside India's first Apple retail store during a media preview, a day ahead of its launch in Mumbai, India, April 17, 2023. REUTERS/Francis Mascarenhas/File Photo
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Tata Seals Deal with Pegatron for iPhone Plant in India's Tamil Nadu

FILE PHOTO: Apple iPhones are seen inside India's first Apple retail store during a media preview, a day ahead of its launch in Mumbai, India, April 17, 2023. REUTERS/Francis Mascarenhas/File Photo
FILE PHOTO: Apple iPhones are seen inside India's first Apple retail store during a media preview, a day ahead of its launch in Mumbai, India, April 17, 2023. REUTERS/Francis Mascarenhas/File Photo

India's Tata Electronics has agreed to buy a majority stake in Taiwanese contract manufacturer Pegatron's only iPhone plant in India, forming a new joint venture that strengthens Tata's position as an Apple supplier, two sources told Reuters.
Under the deal announced internally last week, Tata will hold 60% and run daily operations under the joint venture, while Pegatron will hold the rest and provide technical support, said the two sources, who declined to be named as the details are not yet public.
The sources did not elaborate on the financials of the deal.
Tata declined to comment, while Apple and Pegatron did not respond to Reuters queries on Sunday.
Reuters was first to report in April that Pegatron had the backing of Apple and was holding advanced talks to sell its only iPhone plant in India to Tata, marking the Taiwanese firm's latest scale back of its Apple partnership.
Apple is increasingly looking to diversify its supply chain beyond China amid geopolitical tensions between Beijing and Washington. For India's Tata, the Chennai Pegatron plant will bolster its iPhone manufacturing plans.
Tata is one of the largest conglomerates in India and has been fast expanding into iPhone manufacturing, rivaling the only other iPhone contract manufacturer operating in India, Foxconn.
The announcement for the deal's closure was made internally at the iPhone plant on Friday, said the first source.
The second source said the two companies plan to file for an approval of the Competition Commission of India (CCI) in the coming days.
Tata already operates an iPhone assembly plant in the southern state of Karnataka, which it took over from Taiwan's Wistron last year. It is also building another in Hosur in Tamil Nadu, where it also has an iPhone component plant which was involved in a fire incident in September.
Analysts estimate India will contribute 20-25% of total iPhone shipments this year, from 12-14% last year.
The Tata-Pegatron plant, which has around 10,000 employees and makes 5 million iPhones annually, will be Tata's third iPhone factory in India.