Taiwan-based Foxconn will construct a chip assembly and testing plant in India with HCL Group entailing an estimated investment of $145 million, the company said in a regulatory filing on Thursday, February 8.
This comes close on the heels of Foxconn’s announcement in November last year that it will be investing an estimated $1.6 billion in a semiconductor manufacturing plant in India through its subsidiary Hon Hai Technology India Mega Development.
The venture marks Foxconn’s renewed efforts to enter India’s semiconductor industry, following the dissolution of its joint venture with Vedanta Group last year.
In addition to these developments, Foxconn also entered into an agreement with the government of the Indian state of Tamil Nadu last year. This agreement aims at constructing a new electronic components facility, with an investment of $192 million, while the specifics of the products to be manufactured at this new facility are yet to be disclosed.