Foxconn plans to invest up to Rs 424 crore in semiconductor JV with HCL

Taiwanese electronics manufacturing giant Foxconn will invest up to Rs 424 crore in a semiconductor joint venture it has set up with HCL Group, according to an official note and sources.

The iPhone contract manufacturer has purchased a 40 per cent stake in a semiconductor joint venture (JV) for about Rs 312 crore.

"If the potential investment of no more than USD 13,310,000 (about Rs 112 crore) is included, the total accumulated holding will not exceed USD 50,510,000 (about Rs 424 crore) and the cumulative shareholding ratio will be adjusted based on the actual capital increase," the company said in note on investment in the JV unit which is yet to be named.

According to sources, the investment is for Foxconn-HCL OSAT (Outsourced Semiconductor Assembly And Test) plant to be set up in India.

Foxconn earlier 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