Foxconn-HCL semiconductor JV named India Chip Private Limited

Foxconn and HCL Group have named their semiconductor joint venture India Chip Private Limited, with Foxconn infusing Rs 312 crore for a 40 per cent stake. The JV will set up an OSAT facility in Uttar Pradesh

New Delhi: Electronics manufacturing services giant Foxconn and HCL Group have named their semiconductor joint venture as India Chip Private Limited, a regulatory filing said on Wednesday.

Foxconn has already infused USD 3,72,00,000, about Rs 312 crore, in the JV for its 40 per cent stake and may invest up to Rs 424 crore in the semiconductor firm.

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In a supplementary explanation regarding the name of the newly established joint venture company, as announced on October 1, 2024, the Foxconn regulatory filing on Wednesday showed that the name has been firmed up as India Chip Private Limited.

HCL Group had submitted the proposal to the Uttar Pradesh government in the name of Vama Sundari for seeking land allocation.

The UP government’s Yamuna Expressway Industrial Development Authority (YEIDA) has allocated around 48 acres of land for the JV’s outsourced semiconductor assembly and test (OSAT) for the display driver integrated circuit.