Foxconn and the HCL Group have finalised the name of their semiconductor joint venture (JV) as India Chip Private Limited, according to a regulatory filing by Foxconn. The Taiwanese electronics major has already infused around Rs 3.12 billion into the JV for its 40 per cent equity stake and may invest up to Rs 4.24 billion in the semiconductor company.
In a supplementary clarification linked to the earlier announcement made on October 1, 2024, Foxconn’s regulatory filing stated that the name of the newly incorporated JV has now been formally confirmed as India Chip Private Limited.
Meanwhile, the Uttar Pradesh government’s Yamuna Expressway Industrial Development Authority (YEIDA) has allotted approximately 48 acres of land for the JV’s outsourced semiconductor assembly and test (OSAT) facility, which will focus on display driver integrated circuits.
