India approves HCL-Foxconn joint venture semiconductor unit
NEW DELHI: India's cabinet has approved a new semiconductor plant, a joint venture between
HCL Technologies
and Taiwan's
Foxconn
, costing 37.06 billion rupees ($435 million), information minister Ashwini Vaishnaw said on Wednesday.
The plant, which will be located near the Jewar airport in the northern state of Uttar Pradesh, is designed for a capacity of 20,000 wafers per month and can produce 36 million display driver chips, Vaishnaw said at a cabinet briefing in New Delhi.
The facility, which is the sixth plant approved under the
India Semiconductor Mission
, will begin commercial production in 2027, he added.
Indian Prime Minister Narendra Modi has made chipmaking a top priority for India's economic strategy to boost its role in global electronics manufacturing, but the country currently has no operational chipmaking facility.
Earlier this month, Reuters reported that Indian billionaire Gautam Adani's group paused discussions with Israel's Tower Semiconductor for a $10-billion chip project after an internal review raised uncertainties around commercial demand.
The Maharashtra state government had initially announced approval for the Adani-Tower venture in September, which was expected to produce 80,000 wafers monthly and create 5,000 jobs.
In 2023, Foxconn's proposed $19.5-billion joint venture with Indian conglomerate Vedanta collapsed amid Indian government concerns over escalating project costs and delays in approving incentives.
Despite setbacks, other chip projects remain under development, including an $11-billion chip manufacturing and testing facility by the Tata Group and a $2.7 billion chip packaging plant by U.S.-based Micron.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
15 minutes ago
- India.com
Modi govt's plan B to counter China's arrogance revealed! Chinese engineers' exit won't affect iPhone 17 manufacturing in India because...
Representational Image The Indian government is actively monitoring the iPhone manufacturing in the country, and has expressed confidence that the exit of 300 Chinese engineers from Foxconn iPhone plants in India will not affect the production of Apple's flagship device, including the upcoming iPhone 17 series. Why Indian govt called it an 'opportunity'? Media reports citing government sources said the Centre is keeping a close eye on the matter, and is confident that Apple is capable of dealing with the situation. A senior official from the Ministry of Electronics and Information Technology (Meity) said the matter was directly between Apple and Foxconn, and termed it as an 'opportunity'. 'I would look at it more as an opportunity. If the workers want to go back, it's between the company and the workers. They will have to make arrangements to ensure the work continues — production won't be impacted. We facilitated their visas'. The official noted that Apple has alternatives but the primary responsibility lies with the company (Apple) to ensure that the manufacturer doesn't impact production. What was the job of Chinese engineers who went back? According to reports, the 300 Chinese engineers who were recalled by Beijing, were responsible designing the factory, handling the assembly line and training employees. The Indian government said it was monitoring the production capacity of Foxconn, one of the few companies part of the Narendra Modi government's PLI scheme. Its must be noted that China is a global manufacturing and industrial powerhouses, and most of the equipment required to assemble mobile phones comes from there. These machines require specialized training to operate, which is usually imparted by Chinese experts who work for the manufacturer of these devices. How India plans to boost iPhone manufacturing? While a decade ago, iPhone manufacturing in India was practically negligible Apple began to assemble iPhones in the country from 2017 with newer models now being manufactured at Indian plants. Apple is strengthening its footprint in India as it proves to be a key market with its high population and rapidly growing economy. Foxconn operates iPhone manufacturing plants in India's southern states of Tamil Nadu, Karnataka, and Telangana, and its estimated that iPhones worth $14 billion, were assembled in India in the 2024-25 fiscal year, which means that one out of seven iPhones sold across the world carries a 'Made in India' tag. The Union government has launched the Production Linked Incentive (PLI) scheme which is expected to attract gadget making moguls other than Apple, to establish their presence in the country. Two flagship stores were launched by Apple in Mumbai and Delhi in 2023 and Apple indicated that they are now planning to open four more retail stores in Bengaluru, Pune, Delhi-NCR, and Mumbai.
Time of India
31 minutes ago
- Time of India
Private equity investments in Indian real estate surge 38% to $2.4 billion in H1 2025: Report
NEW DELHI: Private equity (PE) investments in the Indian real estate sector rose sharply to USD 2.4 billion (₹203 billion) during the first half (H1) of 2025, marking a 38% year-on-year (YoY) growth, according to a report by Savills India . The momentum accelerated in the April–June quarter (Q2 2025), with investment inflows doubling sequentially to USD 1.6 billion (₹139 billion), buoyed by strong investor appetite for commercial office assets, hospitality, and alternative segments like student housing. "There is a clear strategic shift towards portfolio diversification. Segments such as retail, hospitality, and student housing are increasingly drawing investor attention, reflecting the market's maturity and resilience," said Sumeet Bhatia, managing director (Capital Market Services), of the company. Commercial and alternative assets lead investment activity Commercial office assets accounted for approximately 31% of the total investment volume in Q2, maintaining their position as the dominant asset class. However, investor sentiment showed a marked shift toward high-growth potential in alternative real estate segments. Hospitality and student housing collectively captured 16% of the quarterly investment share, with hospitality alone contributing 15%. Land emerges as a key investment avenue Land transactions surged during H1 2025, contributing 40% of total PE inflows—significantly higher than 13% in full-year 2024 and 26% in 2023. Mumbai remained the top destination for land deals, commanding nearly 70% of land-related investments during the first half of 2025. Foreign capital remains dominant Foreign institutional investors continued to dominate India's private equity landscape in real estate, accounting for 76% of total inflows during H1 2025. This reaffirms global confidence in India's economic and urban infrastructure trajectory. Top deals highlight diversified investor focus The largest deal in Q2 2025 was Blackstone's USD 378 million investment in South City Mall, Kolkata—a major retail-focused transaction. Additionally, Sumitomo invested USD 295 million and Brookfield pumped in USD 151 million into MMRDA assets in Mumbai, underscoring a strategic alignment with India's infrastructure-driven urban growth.
Indian Express
32 minutes ago
- Indian Express
ICICI Prudential AMC, INOX Clean Energy among 5 companies that filed IPO papers last week: Full list
IPO Papers, Draft IPO Papers: A total of five companies including Orient Cables and ICICI Prudential, among others, filed draft papers with SEBI and BSE last week to raise funds through initial public offerings (IPOs). Here's a look at the complete list of companies that submitted IPO documents last week. ICICI Prudential Asset Management Company (AMC), a subsidiary of ICICI Bank, filed preliminary papers with capital markets regulator Sebi to seek approval to launch an initial public offering (IPO). The proposed IPO comprises an offer for sale (OFS) of 1.76 crore equity shares by promoter — UK-based Prudential Corporation Holdings, with no fresh issue component. Orient Cables (India) Ltd filed preliminary papers with capital markets regulator Sebi seeking its approval to raise Rs 700 crore through an initial public offering (IPO). As per PTI, the public offer comprises both a fresh issue and an Offer for Sale (OFS) by promoters. The fresh issue consists of equity shares worth Rs 320 crore, while the OFS comprises equity shares aggregating to Rs 380 crore, taking the total offer size to Rs 700 crore, according to the draft red herring prospectus (DRHP). INOX Clean Energy has confidentially filed draft papers with markets regulator Sebi to raise Rs 6,000 crore through an Initial Public Offering (IPO), reports PTI. According to the report, this could potentially become the largest Indian IPO in the clean energy and renewables sector. The company is engaged in the business of developing and operating renewable energy projects as well as manufacturing solar cells and modules through its subsidiaries INOX Neo Energies and INOX Solar. Aggcon Equipments International Ltd filed draft papers with markets regulator Sebi seeking its approval to raise funds through an initial public offering (IPO). The Haryana-based company plans to raise Rs 332 crore through fresh issuance of equity shares, besides, promoters would sell 94 lakh shares under the offer-for-sale, according to the draft red herring prospectus (DRHP). Proceeds from the fresh issue to the tune of Rs 168 crore would be used for payment of debt, Rs 84 crore for purchase of equipment and a portion would be used for general corporate purposes, reports PTI. Ethnic fashion player Kiaasa Retail on Friday said it has filed its preliminary papers with BSE's SME platform to raise funds through an Initial Public Offering (IPO). According to PTI, the IPO is entirely a fresh issue of up to 55 lakh equity shares. Expert Global Consultants is the sole book running lead manager while Purva Sharegistry (India) Pvt Ltd is the registrar for the IPO. (With inputs from PTI)
