Hon Hai Group invested US$37.2 million to set up a chip packaging and testing company in India
Recently, Foxconn’s parent company Hon Hai Group announced that it has reached a cooperation with India’s HCL Company to jointly establish a chip packaging and testing joint venture in India. The initial plan was for its subsidiary Big Innovation Holdings Limited to invest US$29.4 million to hold a 40% stake in the joint venture.
The investment entity is now changed to Foxconn Hon Hai Technology India Mega Development Private Limited, a subsidiary of Hon Hai in India. The latter will invest US$37.2 million in the new joint venture and hold 40% of the shares. Hon Hai said it will adopt a localized operating model and support local communities in India.
Previously, Hon Hai decided to withdraw from the US$19.5 billion joint venture chip company with India's Vedanta Group. The cooperation with HCL was seen as a sign of Foxconn's strategic shift in the Indian market. HCL Group is known for its capabilities in engineering and manufacturing and has been actively engaging with the Karnataka government to set up packaging and testing plants.
Foxconn plans to invest US$600 million to build two manufacturing plants in Karnataka to produce iPhone case components and chip manufacturing equipment, and is expected to create 13,000 jobs. In addition, Foxconn plans to invest US$1.5 billion in India to meet its operational needs.
In recent years, many major manufacturers including TSMC, Samsung and Intel have increased their efforts in packaging and testing business, especially in the field of advanced packaging. Due to low labor and land costs, India has always attracted many companies to set up factories here. This wave of change in the packaging industry may provide opportunities for the rise of the Indian semiconductor industry.
Review Editor: Huang Fei
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