Taiwanese electronics giant Foxconn is set to invest up to Rs 424 crore in a semiconductor joint venture with the HCL Group, according to an official statement. Foxconn has already acquired a 40% stake in the JV, valued at around Rs 312 crore.
The company noted that the total investment, including an additional potential investment of Rs 112 crore (around USD 13.3 million), could bring the cumulative holding to Rs 424 crore (approximately USD 50.5 million), with the shareholding ratio to be adjusted accordingly. The joint venture, which will focus on establishing a semiconductor OSAT (Outsourced Semiconductor Assembly and Test) plant in India, has yet to be named.
Earlier, it invested around Rs 246 crore in the JV through its subsidiary Big Innovation Holdings and increased its stake to Rs 312 crore via Foxconn Hon Hai Technology India Mega Development Private Limited. Foxconn has invested more than USD 1.4 billion in India as of August 2024, growing its business to USD 10 billion and employing over 48,000 people in the country.
The company is already producing iPhones in India and is expanding its presence with another large manufacturing facility in Karnataka. Additionally, Foxconn has plans to build electric vehicle and battery manufacturing plants in India.
The company has secured 300 acres of land in Bengaluru Rural District for the Rs 22,000 crore project, which is expected to create over 50,000 jobs. Foxconn, formally known as Hon Hai Precision Industry Co., Ltd., is a Taiwanese multinational electronics contract manufacturer and one of the largest employers in the world.
Founded in 1974 by Terry Gou, the company is best known for assembling consumer electronics, including smartphones, tablets, and computers for major brands such as Apple, Dell, and Sony. Foxconn’s global manufacturing network spans across Asia, Europe, and the Americas, with a strong presence in China.
It plays a crucial role in the global supply chain for electronics, leveraging advanced production techniques, automation, and economies of scale. In recent years, Foxconn has also expanded into new sectors, including electric vehicles and semiconductor manufacturing, while emphasizing sustainability and smart manufacturing initiatives.
