Electronics manufacturing major Foxconn and the HCL Group have officially named their semiconductor joint venture as India Chip Private Limited, according to a recent regulatory filing. The move marks a formal step in advancing semiconductor manufacturing capabilities in India.
Foxconn has already infused USD 3,72,00,000, around ₹312 crore, for its 40 per cent stake in the joint venture. The company may further invest up to ₹424 crore to support the new entity. The joint venture will focus on outsourced semiconductor assembly and test operations for display driver integrated circuits.
Earlier, the HCL Group had submitted a proposal to the Uttar Pradesh government under the name Vama Sundari for land allocation. This proposal has now translated into a concrete development, with the Yamuna Expressway Industrial Development Authority allocating around 48 acres for the India Chip Private Limited facility.
The land allocation is seen as a significant milestone for the project and a key step towards scaling semiconductor manufacturing in the country. The facility is expected to strengthen India’s position in the semiconductor value chain by supporting advanced assembly and testing operations.
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