Foxconn plans to invest up to Rs 4.24 billion in a semiconductor joint venture (JV) with HCL Group. The company has acquired a 40 per cent stake in a semiconductor JV for Rs 3.12 billion, aiming to establish an outsourced semiconductor assembly and test plant in India.
Foxconn invested Rs 2.46 billion in the JV through Big Innovation Holdings and increased the investment to Rs 3.12 billion through Foxconn Hon Hai Technology India Mega Development Private Limited.
The company has acquired 300 acres of land in the ITIR Industrial Area, Doddaballapura and Devanahalli Taluk of Bengaluru Rural District, with an investment of Rs 220 billion, aiming to create over 50,000 jobs.
In addition, Foxconn has plans to set-up an electric vehicle and a battery manufacturing plant in India.
