Latest news with #HCL-FoxconnJV
Time of India
15-05-2025
- Business
- Time of India
HCL-Foxconn OSAT facility will help meet growing demand for advanced technologies: Roshni Nadar Malhotra
The HCL-Foxconn JV combines HCL's deep-rooted engineering DNA and depth in technology with Foxconn's semiconductor capabilities, chairperson of the HCL Group Roshni Nadar Malhotra , said on Thursday. Nadar-Malhotra's statement comes a day after the consortium received the Cabinet nod for a Rs 3,706 crore outsourced semiconductor assembly and test (OSAT) facility in Uttar Pradesh (UP). "This collaboration will support key sectors such as consumer electronics, automotive, and industrial systems," she said in a statement. "The facility, with a capacity of 20,000 wafers per month, will help meet the growing demand for advanced technologies. It is expected to generate over 3,500 jobs. We are also focused on building semiconductor skills and enabling India's workforce in this field." HCL Group and Hon Hai Technology Group (Foxconn) received the Cabinet's approval on Wednesday to set up an OSAT facility in the Yamuna Expressway Industrial Development Authority (YEIDA) region near Jewar airport. This marks the sixth semiconductor unit to be sanctioned under the India Semiconductor Mission and the first such unit to be set up in UP. Foxconn, on its part, called it a 'landmark decision' that represented a strong vote of confidence in Foxconn's long-term commitment to India's semiconductor and electronics manufacturing ecosystem. "This OSAT venture reflects our strong belief in local partnerships, innovation, and India's potential to emerge as a major hub for advanced semiconductor packaging and testing," Foxconn said. "As we enter the execution phase, Foxconn remains focused on building local capabilities, nurturing talent, and delivering world-class manufacturing outcomes in India." This is Foxconn's second attempt at setting up a semiconductor unit in India. The first time around, the Taiwanese contract manufacturing giant had applied with Vedanta as their partner. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The upcoming plant will manufacture display driver chips used in mobile phones, laptops, automobiles, PCs, and other devices with displays. This unit is the first-of-its-kind and is expected to contribute significantly to meeting domestic demand for such chips. Union minister for electronics and information technology Ashwini Vaishnaw on Wednesday had said that this plant will contribute to about 40% of India's total demand for display driver chips.
Time of India
15-05-2025
- Business
- Time of India
BluSmart fleet on the block, HCL-Foxconn semicon JV
BluSmart fleet on the block, HCL-Foxconn semicon JV Want this newsletter delivered to your inbox? Also in the letter: BluSmart lenders put EVs for sale to recover dues; Uber, Evera potential takers But first: EVs up for sale: Who's taking them? Delhi-based Evera has added 300 of these EVs to its fleet and is in talks to lease another 800-1,000 vehicles. Uber-backed Everest Fleet is also exploring a deal, but is yet to finalise one. Also Read: New chip on the block: UP will host HCL-Foxconn JV Driving the news: Tell me more: Making progress: These include: Tata Electronics' fab in Dholera Micron's assembly, testing, marking, and packaging (ATMP) unit in Sanand CG Powers' outsourced semiconductor assembly and test (OSAT) facility in Sanand Kaynes' OSAT in Sanand Tata Semiconductor Assembly and Test (TSAT) facility in Assam. Also Read: Deeptech startups snagged $324 million in first four months of the year Major deals and investors: Netradyne: $90M from Qualcomm Ventures, Point72 Ventures SpotDraft: $54M from Trident Capital Infinite Uptime: $35M from Tiger Global, GSR Ventures Tonbo Imaging: $21M from Florintree What's more: Other Top Stories By Our Reporters Capillary Tech buys assets of customer loyalty services firm Kognitiv: Karnataka HC rejects PhonePe plea in cyber fraud case: Karnataka eyes gig fund rollout by August end: Ixigo Q4 net profit doubles, operating revenue up 72%: Complement 1 raises $16 million: Global Picks We Are Reading Lenders and lessors are planning to sell EVs on the BluSmart fleet to recover their dues. This and more in today's ETtech Morning Dispatch.■ Adobe CEO with ETtech■ Karnataka gig fund■ Capillary Tech buys Kognitiv assetsLenders and leasing firms are looking to sell 1,500-2,000 electric vehicles (EVs) that were part of BluSmart's fleet, following the ride-hailing platform's suspension of operations last Indian Renewable Energy Development Agency (Ireda) said on Wednesday it has filed an insolvency petition against Gensol Engineering for defaulting on Rs 510 crore in had extended loans to Gensol for EV purchases. However, a Sebi interim order in April revealed that Gensol and BluSmart cofounders Anmol Singh Jaggi and Puneet Singh Jaggi diverted those funds for personal Non-Banking Financial Companies, investment platforms, climate-focused lenders, and even high-net-worth individuals are now looking to offload the EVs they financed or leased to BluSmart. Some have already taken possession of the is set to get its sixth semiconductor facility under the India Semiconductor Mission, after the Cabinet greenlit a Rs 3,706 crore plant to be built in Jewar, Uttar up as a joint venture between HCL Group and Foxconn, the plant, which will start production in 2027, is projected to create 2,000 jobs. It will produce display driver chips for mobile phones, laptops, automobiles, PCs, and other March, ET reported the HCL-Foxconn joint venture was also in discussions with Larsen & Toubro (L&T) and Taiwanese giant CTCI to bring on board an EPC (engineering, procurement, and construction) partner for its outsourced semiconductor assembly and testing (OSAT) recently approved semiconductor facility takes the count of such units in the country to six. Five of them, cleared over the past few years, are in advanced stages of investments in India surged in the first four months of 2025 , reaching $324 million across 35 deals, more than double the $156 million raised from 21 deals during the same period in 2024, according to Venture Intelligence commercial applications have boosted investor interest in deeptech startups. Government support for the sector has further strengthened the funding environment. However, growing interest has intensified competition, with smaller players now vying alongside major Reddy, founder, Capillary TechnologiesThe deal will provide Capillary Tech access to over 30 enterprise clients of Kognitiv, including leading hotel companies in Australia and New Zealand, the UK, the Middle East, and the US, the company said in a news release.'Confidentiality must coexist with accountability,' the court said, dismissing PhonePe's plea challenging cyber police's authority to seek information about its state government has sent the Karnataka Platform-based Gig Workers (Social Security and Welfare) Bill 2024 to Raj Bhavan, requesting the issuance of an Travenues Technology, the parent company of online travel aggregator Ixigo, experienced a 128% year-on-year increase in net profit to Rs 16.7 crore, while operating revenue surged 72% to Rs 284 Jr founder Karan Bajaj's new healthtech startup, Complement 1, raised $16 million in a seed funding round led by Owl Ventures and Blume Ventures.■ US warns against using Huawei chips 'anywhere in the world' ( FT ■ Elon Musk's Grok AI can't stop talking about 'white genocide' ( Wired ■ Cisco systems boosts outlook after posting higher profit, sales ( WSJ
