Big move by Shiv Nadar as iPhone maker Foxconn agrees to invest Rs 4240000000 with HCL in semiconductor joint venture

Foxconn had already invested about Rs 246 crore in the JV through its subsidiary Big Innovation Holdings and further increased the investment amount to Rs 312 crore through Foxconn Hon Hai Technology India Mega Development Private Limited.

Written by: Vikas Mehta

Updated: October 4, 2024, 3:56 PM IST

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https://www.india.com/business/big-move-by-shiv-nadar-as-iphone-maker-foxconn-agrees-to-invest-rs-4240000000-with-hcl-in-semiconductor-joint-venture-7298240/ Copy

Taiwan’s semiconductor company Foxconn is going to invest up to Rs 424 crore in a semiconductor joint venture with Shiv Nadar owned HCL Group, the official sources said. The iPhone contractor company Foxconn has bought a 40% stake in the joint venture for Rs 312 crore.

The company affirmed in note of investment in the joint venture, “If the potential investment of no more than USD 13310000 (about Rs 112 crore) is included, the total accumulated holding will not exceed USD 50510000 (about Rs 424 crore) and the cumulative shareholding ratio will be adjusted based on the actual capital increase.”

As per sources, Foxconn-HCL OSAT (Outsourced Semiconductor Assembly And Test) is planning to set up the plant in India.

Foxconn had already invested about Rs 246 crore in the JV through its subsidiary Big Innovation Holdings and further increased the investment amount to Rs 312 crore through Foxconn Hon Hai Technology India Mega Development Private Limited.

The company has invested over USD 1.4 billion in India as of August 2024, and its business has grown to USD 10 billion. Currently, over 48000 employees are serving the company in India.