Foxconn and HCL Launch India Chip Private Limited

Foxconn and HCL Group's joint semiconductor venture is named India Chip Private Limited. Foxconn has invested $3.72 million in the venture and may increase investment to $424 million. The project, located in Uttar Pradesh, will focus on semiconductor assembly and testing, securing around 48 acres for operations.

Electronics manufacturing titan Foxconn, in partnership with HCL Group, has officially branded their joint semiconductor initiative as India Chip Private Limited. Announced via a regulatory filing on Wednesday, this partnership marks a significant step in India's tech-manufacturing sector.

Foxconn has already committed USD 3.72 million, approximately Rs 312 crore, to secure a 40% stake in the joint venture. The company's total investment may reach up to Rs 424 crore as the project progresses.

HCL Group, through its application to the Uttar Pradesh government under the name Vama Sundari, successfully obtained land allocation. The Yamuna Expressway Industrial Development Authority has allocated approximately 48 acres for the JV's outsourced semiconductor assembly and testing hub, specifically for display driver integrated circuits.

(With inputs from agencies.)