India Okays Foxconn-HCL Semiconductor Plant with $435 Million Investment

Published 8 hours agoAAPL

India Okays Foxconn-HCL Semiconductor Plant with $435 Million Investment

India's cabinet has greenlit a major semiconductor manufacturing plant, a joint venture between HCL Group and Taiwan's Foxconn, with a hefty investment of ₹37.06 billion (around $435 million). This significant development aims to bolster India's semiconductor sector, a critical area in the global electronics supply chain.

Situated near the Jewar airport in Uttar Pradesh, the plant promises an impressive production capacity of 20,000 wafers each month and is expected to churn out 36 million display driver chips annually. According to Reuters, the facility is projected to commence commercial production by 2027, marking a key milestone in India's quest to become a world leader in high-tech manufacturing.

This plant is part of India's broader strategy under the India Semiconductor Mission, seeking to position the nation as a pivotal electronics manufacturing hub. The initiative follows the dissolution of previous ventures, such as the $19.5 billion Foxconn-Vedanta project and the stalled $10 billion Adani-Tower Semiconductor initiative due to various challenges. Meanwhile, India's semiconductor ambitions continue with other developments, including Tata Group's $11 billion facility and Micron's $2.7 billion chip packaging plant.

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