The joint venture between Taiwan’s Foxconn and IT services major HCL Group has been allotted around thirty acres of land, near the upcoming Jewar airport in Uttar Pradesh’s Noida, to set up a semiconductor outsourced assembly and testing (OSAT) unit.

If the proposed unit, located in the Yamuna Expressway Industrial Development Authority (YEIDA) region, gains central government approval, it will be the first such project to come up in UP, sources said.

Foxconn is expected to invest around $37.2 million in the venture, in which it holds a 40 per cent equity stake. However, it has left the decision of the unit’s location to HCL Group, the majority partner. HCL, preferring Uttar Pradesh as the site, believes that having the unit close to its headquarters in Noida offers a home base advantage.

Foxconn’s business in India has grown to over $10 billion as of 2024. The company has already invested $1.4 billion in the country and continues to expand its presence.

Currently, the company employs about 48,000 people in India, with a focus on promoting women in the workforce. It has built a facility in Tamil Nadu through the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) to accommodate over 18,000 women employees.