Foxconn–HCL name semiconductor JV India Chip Pvt Ltd

FOXCONN HCL

Taiwanese electronics manufacturing services major Foxconn and India's HCL Group have named their semiconductor joint venture India Chip Private Limited.

Foxconn holds a 40 percent equity stake in the venture and has already infused $37.2 million (around Rs 312 crore). The Taiwanese contract manufacturer may invest up to Rs 424 crore in the company, a regulatory filing made on the January 14 said.

The joint venture was announced on October 1, 2024, and Foxconn, in a supplementary disclosure, confirmed that the name of the newly incorporated entity has now been finalised as India Chip Pvt Ltd. Earlier, HCL had submitted the proposal to the Uttar Pradesh government under the name Vama Sundari while seeking land allocation.

The Uttar Pradesh government’s Yamuna Expressway Industrial Development Authority (YEIDA) has allocated around 48 acres of land in Sector 28, Jewar, near the upcoming Noida International Airport, for the project. The facility will house an outsourced semiconductor assembly and test (OSAT) plant focused on display driver integrated circuits (DDICs) used in smartphones, laptops, and automotive applications.

The OSAT facility is designed to process 20,000 wafers a month, translating into an annual capacity of about 432 million chips.

The project is estimated to involve a total investment of around Rs 3,706 crore and is expected to generate over 3,500 jobs. The Uttar Pradesh government has committed 60 percent capital support for the venture, along with assured electricity supply and round-the-clock water availability.

The HCL–Foxconn joint venture is expected to begin commercial production in 2027, Uttar Pradesh IT and electronics minister Sunil Kumar Sharma said on December 2, speaking at the UP Tech Next Electronics and Semiconductor Summit in Lucknow.