Taiwanese electronics manufacturing giant Foxconn will invest up to Rs 424 crore in a semiconductor joint venture it has set up with HCL Group, according to an official note and sources.
The iPhone contract manufacturer has purchased a 40 per cent stake in a semiconductor joint venture (JV) for about Rs 312 crore.
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“If the potential investment of no more than USD 13,310,000 (about Rs 112 crore) is included, the total accumulated holding will not exceed USD 50,510,000 (about Rs 424 crore) and the cumulative shareholding ratio will be adjusted based on the actual capital increase,” the company said in note on investment in the JV unit which is yet to be named.
According to sources, the investment is for Foxconn-HCL OSAT (Outsourced Semiconductor Assembly And Test) plant to be set up in India.
Foxconn earlier invested about Rs 246 crore in the JV through its subsidiary Big Innovation Holdings and further increased the investment amount to Rs 312 crore through Foxconn Hon Hai Technology India Mega Development Private Limited.
The company has invested over USD 1.4 billion in India as of August 2024, and its business has grown to USD 10 billion.
At present, the company employs over 48,000 people in India.
Foxconn is already engaged in manufacturing iPhones in India and gradually ramping up investments in the country by setting up another mega unit in Karnataka. It also has plans to set-up an electric vehicle and a battery manufacturing plant in India.
The company has acquired 300 acres of land in the ITIR Industrial Area, located in Doddaballapura and Devanahalli Taluk of Bengaluru Rural District. The project, with an investment size of Rs 22,000 crore, is expected to generate employment for over 50,000 people.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 01 2024 | 8:50 PM IST
