After establishing itself as a hub for smartphones, Noida in Uttar Pradesh may also become a semiconductor hub. Taiwanese company Foxconn and IT service provider HCL have been allocated land for this purpose. The companies are considering setting up a semiconductor manufacturing plant on this land.
According to an ET report, Foxconn and HCL’s joint venture has been allocated land by the Yamuna Expressway Industrial Development Authority. This land is located in Jewar, Noida, near the international airport under construction. It is expected that a semiconductor assembly and testing plant could be set up at this location, where semiconductors can be assembled.
HCL’s Headquarter in Noida
Noida holds special significance for HCL since the company’s headquarters is also located there. This is one of the reasons why HCL is prioritizing Noida over other options for the semiconductor plant, as it will make managing the new venture easier for the company.
Investment Details
The Taiwanese company will invest $37.2 million in this joint venture, in exchange for a 40% stake. HCL will hold the remaining 60% stake in the joint venture.
Employment and Industry Impact
Noida has already become a hub for the smartphone industry in the country, with several major smartphone companies having their plants there. The establishment of a semiconductor plant will further solidify Noida’s status as a semiconductor hub. This new plant is expected to create employment opportunities for 40,000 people.
