Taiwan's Foxconn will partner with tech firm HCL Group for a semiconductor assembly and testing facility in India, the companies said on Thursday.
The firms will set up an outsourced assembly and testing (OSAT) unit in the South Asian nation.
An OSAT plant packages, assembles and tests foundry-made silicon wafers, turning them into finished semiconductor chips.
Foxconn said in a regulatory filing that its India unit will own a 40% stake in the joint venture with a $37.2 million investment. HCL did not disclose financial details from its side.
"Through this investment, the partners aim to build an ecosystem and foster supply chain resilience for the domestic industry," Foxconn said in a statement.
The companies did not disclose the location of the proposed project.
Foxconn is also looking to set up a semiconductor fabrication plant in India, where the government has offered $10 billion in incentives to start local chip manufacturing.
The Taiwanese firm, however, had a bumpy start to its semiconductor foray in India last year after a high-profile split with local conglomerate Vedanta on a $19.5 billion chipmaking joint venture.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Rapido offers free rides to voters to polling stations on May 13 in Hyderabad, 3 other cities
May 6, 2024 5:49 PM
Lok Sabha elections 2024: Seats to date, all you need to know about third phase of voting
May 6, 2024 4:49 PM
Concerns on low voter turnout a "myth"; absolute number of voters correct way to analyse: Report
May 6, 2024 2:57 PM
Haryana Lok Sabha elections 2024: A look at JJP candidates
May 6, 2024 2:26 PM