India Approves HCL-Foxconn JV for $434M Semiconductor Plant to Boost Domestic Chip Manufacturing

India has approved the establishment of its sixth semiconductor manufacturing facility—a joint venture between HCL Technologies and Foxconn—at an estimated cost of $434.72 million, located in Uttar Pradesh near the Jewar airport. This project is part of the India Semiconductor Mission (ISM) aimed at bolstering domestic chip manufacturing and reducing dependence on imports. The new plant will focus on producing advanced display driver chips for a broad range of devices, including smartphones, laptops, and automobiles, with a monthly capacity of 20,000 wafers and a design output of 36 million units. The Indian government is actively working to attract global equipment suppliers and specialty material firms, with companies like Applied Materials and Lam Research already expanding their presence in the region. This strategic move also supports the ’Atmanirbhar Bharat’ (Self-Reliant India) vision, promoting local innovation and job creation. The rapid expansion of India’s semiconductor sector—fueled by rising electronics demand and significant academic and industry collaboration—signals growing interest from international partners and potential strengthening of India’s position in the global tech supply chain.