Foxconn and HCL Group Name Semiconductor Joint Venture India Chip Private Limited

Foxconn and HCL Group have named their semiconductor joint venture India Chip Private Limited, as confirmed in a regulatory filing. Foxconn has invested approximately Rs 312 crore for a 40% stake and may invest up to Rs 424 crore. The joint venture plans to operate an outsourced semiconductor assembly and test facility for display driver integrated circuits on 48 acres allocated by Uttar Pradesh's Yamuna Expressway Industrial Development Authority, with land sought under the name Vama Sundari.