TAIPEI (Taiwan News) — Foxconn said Wednesday (Oct. 2) it would make a potential additional investment of up to NT$423.8 million (US$13.31 million) in its Indian subsidiary.

The move comes following Foxconn’s US$37.2 million investment announcement in January for its Indian subsidiary, Foxconn Hon Hai Technology India Mega Development Private Limited, per CNA.

The partnership with HCL Group will establish a semiconductor packaging and testing (OSAT) factory. Foxconn’s subsidiary will acquire 40% ownership, per Times of India.

Foxconn said including the additional investment of up to US$13.31 million, the total investment amount would be up to US$50.51 million (NT$1.6 billion) with the accumulated shareholding ratio to be adjusted according to the actual capital increase.

The Indian investment is one of several from Taiwanese electronics manufacturers. In December 2023, Foxconn announced a US$1 billion investment for an Indian plant to produce Apple devices, per Bloomberg.