Securing a 40% stake for the joint OSAT plant in Jewar, Uttar Pradesh, with HCL Group, Foxconn is reportedly set to pour ₹4.24 billion.
According to reports, Taiwanese electronics giant Foxconn plans to invest up to ₹4.24 billion in a semiconductor joint venture with HCL Group. The company has also acquired a 40% stake in the joint OSAT factory in Uttar Pradesh.
This investment aims to establish the Foxconn-HCL OSAT (Outsourced Semiconductor Assembly and Test) plant in Jewar, Uttar Pradesh. Last month, the Yamuna Expressway Industrial Development Authority (YEIDA) sanctioned approximately 30 acres for this project.
If Foxconn’s potential additional investment of up to US$13.31 million (around ₹1.12 billion) is included, the total investment will not exceed US$50.51 million (about ₹4.24 billion). According to the company’s note regarding the joint venture, the cumulative shareholding ratio will adjust based on the actual capital increase.
Previously, Foxconn had invested around ₹2.46 billion in the joint venture through its subsidiary, Big Innovation Holdings, and later increased this to ₹3.12 billion via Foxconn Hon Hai Technology India Mega Development Private Limited.
As of August 2024, Foxconn has invested over US$1.4 billion in India, contributing to its business growth, which has reached USD 10 billion. The company currently employs over 48,000 people in the country.
In addition to manufacturing iPhones, Foxconn is expanding its operations in India with plans for another mega unit in Karnataka, as well as facilities for electric vehicles and battery manufacturing. The company has secured 300 acres in the ITIR Industrial Area in Doddaballapura and Devanahalli Taluk. The project investment of ₹220 billion is expected to create over 50,000 jobs.
