Cabinet Approves Rs 3,706 Crore HCL-Foxconn Semiconductor JV in Jewar, Uttar Pradesh; To Generate 2,000 Jobs

The Union Cabinet approved a joint venture between HCL and Foxconn to establish a semiconductor chip assembly and packaging plant near Jewar airport, Uttar Pradesh, as part of the Rs 76,000 crore India Semiconductor Mission. With an investment of Rs 3,706 crore, including Rs 1,500 crore in government incentives, the plant will produce 20,000 wafers per month, mainly display driver chips for various devices. Scheduled to begin production in 2027, it aims to meet 40% of India’s local chip demand. This is Foxconn’s second India attempt after a failed venture with Vedanta. The country has attracted $18 billion in semiconductor investments so far.