Topics
a la mode
AI
Amazon
Image Credits:Thomas Lee/Bloomberg(opens in a new window)/ Getty Images
Apps
Biotech & Health
Climate
Image Credits:Thomas Lee/Bloomberg(opens in a new window)/ Getty Images
Cloud Computing
Commerce
Crypto
Enterprise
EVs
Fintech
fund raise
gadget
Gaming
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
Social
Space
Startups
TikTok
transit
Venture
More from TechCrunch
event
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
Foxconn has set up a joint speculation with Amerindic IT behemoth HCL Group to found its semiconductor unit packaging and testing operations in India , as the Apple manufacture partner look to boom its presence in the South Asian nation to reduce reliance on China .
As a part of the deal , Foxconn Hon Hai Technology India Mega Development , a subsidiary of the Taiwanese company , will induct $ 37.2 million for a 40 % stake , it disclose in a stock certificate exchange filing .
This will be Foxconn ’s first investiture toward arrange up Outsourced Semiconductor Assembly And Test ( OSAT ) operation in India . The party has committed to putting billions of one dollar bill into the country to bolster its domestic manufacturing for customers , including Apple and Xiaomi .
“ Foxconn looks onwards to together with coiffe up OSAT performance in India with HCL . Through this investment , the partners aim to construct an ecosystem and foster supplying chain of mountains resilience for the domesticated industry . Foxconn will deploy its BOL , or build - operate - localize , example to endorse local communities , ” the Formosan company say in a statement to TechCrunch .
In November last class , Foxconn announced its plans toinvest $ 1.5 billionin India to fulfil its “ operational needs . ” The company alsopartnered with local pudding stone Vedantato sic up a $ 20 billion semiconductor unit in the Indian state of Gujarat . However , it eventually pulled out of the deal in July whilecommitting to “ actively reviewing the landscape for optimum partners . ”
The maker also submitted a sweet software to start its semiconductor equipment fabrication unit in the country later in the year , Deputy IT Minister Rajeev Chandrasekhar said in the fantan .
“ HCL Group has a solid engine room and fabrication heritage and this is an opportunity that provides strategic adjacency to the Group portfolio . This is line with Government of India ’s vision of ‘ Make in India ’ and ‘ Atmanirbhar Bharat ’ also , ” an HCL Group spokesperson say .
