Taiwanese contract manufacturer Foxconn has partnered with French-Italian semiconductor company STMicroelectronics to set up a semiconductor plant in India.
The companies have applied for incentives under India’s semiconductor manufacturing policy to establish a 40-nanometer chip plant in the country, Bloomberg reported citing sources. These chips are largely used in applications, including automobiles, cameras, printers, and various other devices.
Reports say the government has asked Foxconn for more details about the binding arrangements and financial plans.
Foxconn will likely have to make detailed disclosures to avail the incentives.
The company is also in talks with multiple other companies for tech partnerships, the report said.
The report comes just two months after the manufacturing giant pulled out from a joint venture with Indian conglomerate Vedanta.
The company earlier said it is working toward submitting an application related to the ‘Modified Programme for Semiconductors and Display Fab Ecosystem.’
More recently, Foxconn Industrial Internet, a Foxconn subsidiary, has signed a Letter of Intent (LoI) with India's state Karnataka to invest US$350 million for manufacturing sub-assembly components, specifically mechanical enclosures of iPhones.
It is also partnering with US-based manufacturing company, Applied Materials for a US$250 million semiconductor equipment manufacturing project.
