Taiwanese electronics manufacturer Foxconn has announced plans to build a chip assembly and testing plant in India, partnering with HCL Group. The decision, revealed in a regulatory filing, involves an investment of Rs. 1,200 crore.
The aim is to construct the facility on owned land to meet operational needs. This move follows Foxconn’s previous announcement in November 2023, where it pledged over $1.6 billion for a similar project in India via 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 the Vedanta Group last year. Despite this setback, Foxconn has been expanding its presence in India rapidly.
Just last month, it disclosed plans to invest USD 37.2 million alongside HCL Group for a chip packaging and testing facility, after the termination of its partnership with Vedanta.
In addition to these developments, Foxconn had also entered into an agreement with the Tamil Nadu government last year. This agreement aimed at constructing a new electronic components facility, with an investment of Rs 1600 crore, while the specifics of the products to be manufactured at this new facility are yet to be disclosed.
The facility, planned in the Kancheepuram district near Chennai, is separate from Foxconn’s existing campus where iPhones are assembled. As progress unfolds, more details about these developments are expected to emerge in the coming days.