Foxconn and HCL Launch $4.4 Billion Chip Plant in India

Taiwan's Foxconn Technology Group is expanding its semiconductor footprint in India through a $4.4 billion joint venture with Indian IT conglomerate HCL Group, as New Delhi pushes to strengthen domestic chip supply chains.

The joint venture, India Chip Pvt Ltd, on Monday broke ground on a semiconductor assembly and test (OSAT) facility in Jewar, Uttar Pradesh. Indian Prime Minister Narendra Modi joined the ceremony via video link. The plant will be built inside the Yamuna Expressway Industrial Development Authority (YEIDA) industrial park and is targeting a production start in 2028.

The facility will initially focus on display driver chips, with a planned capacity of 20,000 wafers per month. The partners said the investment is intended to meet India's growing demand for semiconductor components and improve supply-chain resilience.

HCL Group will hold a 60% stake in India Chip Pvt Ltd, while Foxconn will own 40%, according to the companies.

The project is expected to create more than 3,500 direct and indirect jobs and draw additional semiconductor value-chain firms to the region, helping build a local ecosystem around the site.

Foxconn Chairman Young Liu (劉揚偉) described the investment as a milestone for the company's “BOL” model—Build, Operate, Localize—calling the venture a flagship example of how Foxconn aims to scale in India.

“This joint venture represents the best example of our BOL model implementation in India,” Liu said, adding that the approach is designed to support local community development and deepen collaboration with partners and local governments.

Bob Chen (陳永正), president of Foxconn's semiconductor business group, attended the groundbreaking ceremony.

HCL Group Chairperson Roshni Nadar Malhotra said the project marks a strategic expansion into downstream semiconductor operations as the company marks its 50th anniversary, and pledged close collaboration with Foxconn to bring the facility online as quickly as possible.

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