Foxconn-HCL JV gets land in Uttar Pradesh for OSAT chip unit
Taiwan’s Foxconn, which is likely to invest USD 37.2 million in the project, holds a 40% equity stake in the venture.
The government of India’s Uttar Pradesh state has allocated 30 acres of land to the Foxconn-HCL joint venture (JV) for setting up a semiconductor outsourced assembly and testing (OSAT) unit, according to a report in the Economic Times.
If the proposed chip unit in Noida, bordering national capital Delhi, gets the approval from the central government’s India Semiconductor Mission (ISM), it will be the first such project in Uttar Pradesh.
Taiwan’s Foxconn, which is likely to invest USD 37.2 million in the project, holds a 40% equity stake in the venture.
ISM has asked both companies to submit a technology document or technical agreement for OSAT which the two partners are currently working on, a source told the Economic Times.
Indian tech company HCL Group and Foxconn had announced their JV in January to set up an OSAT unit in the country. Foxconn’s tie-up with HCL came less than a year after it withdrew from its proposed USD 19.5 billion semiconductor project with Indian conglomerate Vedanta.
Foxconn is also expanding into the Battery Energy Storage System (BESS) business, especially in the EV segment, in India. Plans are reportedly underway to set up a BESS unit in India.
