iPhone Maker Foxconn To Invest Rs 424 Crore In Semiconductor JV With HCL In India

Foxconn, the Taiwanese electronics manufacturing company and the biggest contract manufacturer of Apple iPhones, is mulling to invest Rs 424 crore in a new semiconductor joint venture (JV) with HCL Group. The iPhone manufacturer has acquired a 40 per cent ownership stake in the semiconductor partnership, investing approximately Rs 312 crore, says a report by news agency PTI.

"If the potential investment of no more than $13,310,000 (about Rs 112 crore) is included, the total accumulated holding will not exceed USD 50,510,000 (about Rs 424 crore) and the cumulative shareholding ratio will be adjusted based on the actual capital increase," according to the company's investment note, as quoted by PTI.

Also read: Apple Planning to Begin AirPods Manufacturing in India in 2025: Report

Industry sources were quoted as saying that the investment will support an Outsourced Semiconductor Assembly And Test (OSAT) facility in India, to be operated jointly by Foxconn and HCL.

Land Secured In Bengaluru Rural District

Foxconn has secured a 300-acre land parcel in the Information Technology Investment Region (ITIR) Industrial Area, spanning across Doddaballapura and Devanahalli Taluk within Bengaluru Rural District in the state of Karnataka. The venture, which represents an investment of Rs 22,000 crore, is likely to create job opportunities for more than 50,000 people.

The investment has been executed in stages, with an initial Rs 246 crore coming through Foxconn's subsidiary Big Innovation Holdings. This was later expanded to Rs 312 crore through Foxconn Hon Hai Technology India Mega Development Private Limited.

As of August 2024, Foxconn's total investment in India has reached over $1.4 billion, with its business operations growing to $10 billion.