India approves HCL-Foxconn joint venture semiconductor unit
By CK Nayak and Surbhi Misra
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
News18
30 minutes ago
- News18
Vinfast VF 6 Test Mule Spotted During Testing, Scroll Down To See Clear Photos
Last Updated: According to the details, the EV has been spotted in Mumbai, hinting the launch is just around the corner. The Vietnam-based car maker Vinfast is gearing up to boost the business operations in India. To capture the mass market, the company is set to introduce two of its tech-loaded product in the country. Ahead of the official release, the upcoming all-electric SUV named VF 6 has been spied during the testing phase, and has revealed some of the important details and key highlights. According to the details, the EV has been spotted in Mumbai, hinting the launch is just around the corner. If rumours are to be believed, the electric SUV might hit the market somewhere in the festive season. Here's What To Expect Going by the spy shots, VF 6 looks quite similar to its sibling VF 7. It features identical stance, featuring a massive bonnet at the front, signature style connected DRLs at the front, same treatment of light bar at the back as well. It also gets a fully LED headlight setup, round-shaped wheel arches with decent-sized cladding on the sides. Overall Dimension Despite fully covered in heavy camoluge, the model somehow flaunts an aggressive style statement, and looks quite bigger compared to some of its competition in the Indian market. The reports suggested that VF 6 will be measured 4,241mm in length, 1,834mm in width, and 1,580mm in height, while the wheelbase will be 2,730mm with the ground clearance of 190mm. Inside the cabin, the company continue to offer a luxury treatment from every corner. It sports yet uncluttered appeal, which will make it look clean and classy. The dual-tone colour scheme with low-set dashboard and flat-bottomed 3-spoke multi-functional steering wheel will be there to level up the cabin game. The EV will come with a 12.9-inch infotainment touchscreen, which will be positioned atop the dashboard. The unit will support all the wireless car connect technology, including Android Auto and Apple CarPlay. The other notable features include dual-zone climate control, panoramic sunroof, 8-way powered driver's seat, rear AC vents, ventilated front seats, connected car tech, among others. Battery and Range As far as the battery is concerned, it will a 59.6kWh pack that will generate a maximum output of 204hp and 310Nm. The customers can expect a decent WLTP-certified range up to 480km.
Mint
an hour ago
- Mint
Canadian dollar gains as increased defense spending fuels trade deal hopes
Canadian dollar gains 0.1% against the greenback Trades in a range of 1.3670 to 1.3707 Canada vows to hit NATO miiltary spending target this year Canada-U.S. 10-year spread narrows by 3.3 basis points TORONTO, June 9 (Reuters) - The Canadian dollar edged higher against its U.S. counterpart on Monday as Canada said it would pour extra billions into its armed forces, a move that some analysts say could ease the path to a trade deal with the United States. The loonie was trading 0.1% higher at 1.3675 per U.S. dollar, or 73.13 U.S. cents, after trading in a range of 1.3670 to 1.3707. Last Thursday, the currency touched a near eight-month high at 1.3632. "I see an abundance of signs that the U.S. and Canada are on the verge of making a trade deal," said Adam Button, chief currency analyst at ForexLive. "The news today is that Canada is going to meet its NATO target and I don't think it's a coincidence that that is one of the things that the U.S. is asking for." Canada's Liberal government will hit NATO's military spending target of 2% of GDP this fiscal year, five years earlier than promised, Prime Minister Mark Carney said. Carney and U.S. President Donald Trump are in direct communication as part of Ottawa's bid to persuade Washington to lift tariffs, Industry Minister Melanie Joly said last Thursday. "We get a trade deal, we get more military spending, the jobs report wasn't terrible - we might be closer to the end of the rate cutting cycle than was thought," Button said. Investors see a roughly 75% chance the Bank of Canada remains on hold at its next interest rate decision on July 30, up from 67% before stronger-than-expected domestic jobs data on Friday. The U.S. dollar fell against a basket of major currencies, while the price of oil, one of Canada's major exports, settled 1.1% higher at $65.29 a barrel. Canadian bond yields were mixed across a steeper curve as investors worried that increased spending on defense could raise government borrowing. The 10-year was up nearly one basis points at 3.349%, while the gap between it and the equivalent U.S. rate narrowed by 3.3 basis points to about 114 basis points in favor of the U.S. note. (Reporting by Fergal Smith; Editing by Alistair Bell)
NDTV
an hour ago
- NDTV
US Pizza Chain Little Caesars Eyes India Expansion With New Stores
New Delhi: U.S. pizza chain Little Caesars is planning to open dozens of stores in India over the coming years aiming to capitalise on the country's robust economic growth, an executive told Reuters. Little Caesars will open its first Indian store in the Delhi NCR region this month. "India is on a growth trajectory ... We don't want to miss this wave," said Carlos Vidal, vice president of international development at the privately held Little Caesars. India's economy is projected to grow at 6.5 per centfor fiscal 2026, maintaining its position as the fastest-growing major economy, according to the International Monetary Fund. Founded in 1959, Little Caesars is the third largest pizza chain in the world, with a presence in more than 29 countries. The Indian pizza market is fiercely competitive, with established players like Domino's Pizza and Yum Brands' Pizza Hut, alongside local chains such as La Pino'z and numerous independent shops. India has proven a challenging market for other major pizza chains. Papa John's, for instance, exited in 2017 due to fierce competition and operational challenges, though it now plans to re-enter the market in 2025. A 100 Little Caesars stores in India by decade-end is a realistic target, Vidal said, adding the brand is "thinking about hundreds and eventually thousands of stores over time." Little Caesars is customizing its menu with vegetarian pizzas to cater to the country's significantly large vegetarian population. It will also introduce flavored crusts-a first for the brand-as plain crusts are often left uneaten by Indian consumers. In addition to India, Little Caesars plans to also focus on Malaysia, the Philippines, Indonesia, Thailand, the United Arab Emirates and Brazil over the next few years with a view to opening more new stores outside the United States.
