Skip to content
Search
Please enter at least 3 characters.

Latest Stories

Foxconn to set up chip testing plant in India

It will partner with HCL Group to build an outsourced assembly and testing (OSAT) unit

Foxconn to set up chip testing plant in India

TAIWAN'S Foxconn will partner with tech firm HCL Group for a semiconductor assembly and testing facility in India, the companies said on Thursday (18).

The firms will set up an outsourced assembly and testing (OSAT) unit in the south Asian nation.


An OSAT plant packages, assembles and tests foundry-made silicon wafers, turning them into finished semiconductor chips.

Foxconn said in a regulatory filing that its India unit will own a 40 per cent stake in the joint venture with a $37.2 million investment. HCL did not disclose financial details from its side.

"Through this investment, the partners aim to build an ecosystem and foster supply chain resilience for the domestic industry," Foxconn said in a statement.

The companies did not disclose the location of the proposed project.

Foxconn is also looking to set up a semiconductor fabrication plant in India, where the government has offered $10 billion in incentives to start local chip manufacturing.

The Taiwanese firm, however, had a bumpy start to its semiconductor foray in India last year after a high-profile split with local conglomerate Vedanta on a $19.5bn chipmaking joint venture.

(Reuters)

More For You

India cuts bourbon whisky tariffs after US pressure

FILE PHOTO: Jim Beam bourbon is shown in Chicago, Illinois. (Photo Illustration by Scott Olson/Getty Images)

India cuts bourbon whisky tariffs after US pressure

INDIA has slashed tariffs on bourbon whisky to 100 per cent from 150 per cent, a move that will benefit imports of brands like Suntory's Jim Beam, after US president Donald Trump's criticised "unfair" levies in the South Asian market.

Trump, who met Indian prime minister Narendra Modi at the White House this week, has railed against the climate for American businesses in India and unveiled a roadmap for reciprocal tariffs on countries that put duties on US imports.

Keep ReadingShow less
Prudential to list Indian asset management venture

Prudential chief executive Anil Wadhwani

Prudential to list Indian asset management venture

INSURER Prudential plc announced that it is considering a partial listing of its stake in ICICI Prudential Asset Management, one of India's leading investment firms. The news sent Prudential's shares soaring by 5.8 per cent to close at 722p on the London Stock Exchange.

The FTSE 100 company currently holds a 49 per cent stake in the Indian joint venture, which market analysts estimate to be worth around £4 billion. ICICI Bank, which owns the remaining 51 per cent, has confirmed its intention to maintain its majority shareholding, emphasising its "long-term commitment" to the partnership that began in 1998, reported the Times.

Keep ReadingShow less
NatWest-Reuters

The bank has set a new performance target, aiming for a return on tangible equity of 15-16 per cent in 2025 and above 15 per cent by 2027. (Photo: Reuters)

What’s driving NatWest’s better-than-expected profit growth?

NATWEST reported higher-than-expected annual profit on Friday, supported by its growth strategy, improved productivity, and capital management efforts.

The bank, which once had assets worth 2.2 trillion pounds—more than twice the size of the British economy—has undergone years of restructuring to focus mainly on domestic consumer and mortgage lending.

Keep ReadingShow less
London business district
A general view shows the London's financial district from an office window in Canary Wharf. (Photo: Getty Images)

Economy grows 0.1 per cent in fourth quarter, defying expectations

THE UK economy expanded by 0.1 per cent in the final quarter of 2024, contrary to forecasts of a contraction, according to official data released on Thursday.

The growth, supported by a stronger-than-expected 0.4 per cent rise in December, offers some relief to chancellor Rachel Reeves as she navigates broader economic challenges.

Keep ReadingShow less
BP-Reuters

Fourth-quarter profit dropped 61 per cent compared to the previous year, marking BP’s weakest results since Q4 2020, when the pandemic reduced global oil demand. (Photo: Reuters)

BP reports lowest quarterly profit in four years, plans strategy reset

BP reported a quarterly profit of £943 million on Tuesday, falling short of expectations and marking its lowest in four years.

The company said it plans a "fundamental reset" of its strategy, days after reports that Elliott Management had taken a stake in the oil major.

Keep ReadingShow less