New Delhi: Foxconn, a major electronics manufacturer from Taiwan, plans to invest a maximum of Rs 424 crore in a semiconductor partnership established with HCL Group, as stated by an official note and sources. The manufacturer of iPhones has acquired a 40 percent ownership in a semiconductor partnership for approximately Rs 312 crore. The company stated in a note about the investment in the JV unit, that if they invest up to USD 13,310,000 (approximately Rs 112 crore), the total holding will not surpass USD 50,510,000 (around Rs 424 crore), and the shareholding ratio will be adjusted after the actual capital increase.
Sources state that there is an investment for the establishment of a Foxconn-HCL OSAT (Outsourced Semiconductor Assembly And Test) plant in India. Foxconn initially put in around Rs 246 crore in the joint venture via its subsidiary Big Innovation Holdings, and later upped the investment to Rs 312 crore through Foxconn Hon Hai Technology India Mega Development Private Limited. As of August 2024, the business in India has seen growth to USD 10 billion, following an investment of more than USD 1.4 billion by the company. Currently, there are more than 48,000 employees working for the company in India.
Foxconn is currently producing iPhones in India and increasing investments by establishing a new large unit in Karnataka. It also intends to establish a plant in India for manufacturing electric vehicles and batteries. The organization has purchased 300 acres of land in the ITIR Industrial Area, situated in Doddaballapura and Devanahalli Taluk of Bengaluru Rural District. The investment in the project is Rs 22,000 crore and it is anticipated to create jobs for more than 50,000 individuals.
FIRST Business Portal addressing the potential of business capability of North East Region.
