Foxconn also knowns as Hon Hai Precision Industry , said it is pairing up with India’s HCL Group to form a chip packaging and testing venture in the country.
After Abandoning Joint venture with India’s Vedanta in July,Foxconn is now partnering with HCL for Chip packaging & Testing Venture known as OSAT.HCL Group was previously in talks with the Karnataka state government to set up an OSAT facility.
Foxconn India,a unit of Taiwanese contract manufacturer,will acquire 40% stake in this venture valued at $37.2 million,as per filing to Taiwan’s Stock Exchange market.
The development came just after,Rajeev Chandrasekhar, the Minister of State for Electronics and IT, disclosed the development to the Parliament to establish a semiconductor fabrication unit in India under the “modified scheme for setting up of semiconductor fabs in India”, an initiative aimed at boosting the electronics manufacturing sector in the country, including semiconductors.
Both developments come after its exit from a joint venture with the Vedanta Group, which had plans to set up a chip plant in Gujarat with an investment of around Rs 1.5 lakh crore.
The Ministry of Electronics and Information Technology (MeitY) is verifying Taiwanese contract manufacturer Foxconn’s application to set up a semiconductor factory in the country.
Foxconn is iPhone’s leading manufacturer from india, contributing 68% of total production.Foxconn exported nearly 58% of its total production of iPhones,from its Indian factories.
Foxconn is expanding in India as geopolitical tensions and economic uncertainty started to affect its primary operations in China.Notably,Foxconn is world’s largest assembler of iphones & other electronics for Global brands.
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