India approves Apple supplier Foxconn's $433 million chip joint venture project.

The world's largest electronics contract manufacturer Foxconn has obtained approval from the Indian government to jointly establish a semiconductor factory with HCL Group, with an investment of 37.06 billion rupees. Indian Minister of Information Technology Ashwini Vaishnaw said at a cabinet briefing on Wednesday that the factory will be located in the state of Uttar Pradesh, and is expected to start production in 2027. Vaishnaw stated that the factory will produce display driver chips for consumer electronics products such as mobile phones, laptops, cars, and personal computers. Minister's presentation documents show that the factory has a designed monthly capacity of 20,000 wafers and 36 million display driver chips. Wafers are circular semiconductor silicon wafers that form the basis for chip manufacturing.