Semiconductor News: Taiwanese electronics manufacturing company Foxconn will invest Rs 424 crore in a semiconductor joint venture set up with HCL Group. According to an official note and sources, the iPhone contract manufacturer has bought a 40 per cent stake in the semiconductor joint venture (Semiconductor JV) for around Rs 312 crore.

The company gave information
In a note on investment in the joint venture unit, the company said that if the potential investment of US $ 13,310,000 (about Rs 112 crore) is included, the total holding will not exceed US $ 50,510,000, i.e. about Rs 424 crore. The total shareholding ratio will be adjusted based on the actual capital increase. It is known that the name of this joint venture has not been decided yet. Earlier an investment of Rs 246 crore was made According to sources, this investment is for the Foxconn-HCL OSAT (Outsourced Semiconductor Assembly and Test) plant to be set up in India. Foxconn had earlier invested about Rs 246 crore in the joint venture through its subsidiary Big Innovation Holdings and increased the investment amount to Rs 312 crore through Foxconn Hon Hai Technology India Mega Development Private Limited. $1.4 billion invested in India by August 2024 The company has invested more than US$1.4 billion in India by August 2024 and its business has grown to US$10 billion. Currently, the company employs more than 48,000 people in India. Foxconn is already engaged in manufacturing iPhones in India and is gradually increasing investments in the country by setting up another mega unit in Karnataka. It also plans to set up an electric vehicle and battery manufacturing plant in India. The company has acquired 300 acres of land in the ITIR Industrial Area located in Doddaballapura and Devanahalli taluks of Bengaluru Rural district. The project with an investment of Rs 22,000 crore is expected to generate employment for more than 50,000 people.