Foxconn to Invest Rs 424 Crore in Semiconductor Joint Venture with HCL Group
In a significant development, Taiwan’s Foxconn, the world’s largest electronics contract manufacturer and a key supplier for Apple, has agreed to invest up to Rs 424 crore in a semiconductor joint venture with the HCL Group, owned by Indian billionaire Shiv Nadar. Foxconn has acquired a 40% stake in the venture for Rs 312 crore, with an additional investment of Rs 112 crore on the horizon. The combined shareholding would reach USD 50.51 million (approximately Rs 424 crore) upon the full investment. The joint venture, Foxconn-HCL OSAT (Outsourced Semiconductor Assembly And Test), plans to establish a semiconductor manufacturing facility in India, furthering the country’s ambitions in the high-tech manufacturing sector.
Foxconn’s previous investment in the venture included Rs 246 crore, which was made through its subsidiary Big Innovation Holdings. The recent increase to Rs 312 crore came through Foxconn Hon Hai Technology India Mega Development Private Limited, signaling the company’s long-term commitment to India’s growing semiconductor industry. The collaboration with HCL Group underscores the strategic importance of India as a hub for technology innovation, with both firms set to bolster the country’s semiconductor capabilities and contribute to its global competitiveness in the tech sector.
Editor’s Note: Foxconn, the world’s largest electronics contract manufacturer, is set to invest up to Rs 424 crore (50 million USD) in a semiconductor joint venture with the HCL Group, acquiring a 40% stake for Rs 312 crore (37 million USD). This partnership, named Foxconn-HCL OSAT (Outsourced Semiconductor Assembly and Test), aims to establish a semiconductor manufacturing facility in India, enhancing the country’s position in high-tech manufacturing. The collaboration reflects Foxconn’s commitment to India’s semiconductor industry and highlights the strategic importance of the nation in global technology innovation.
5G and AI Set to Revolutionize Healthcare in India, Says Industry Experts
The integration of artificial intelligence (AI) and fifth-generation (5G) networks is poised to significantly enhance patient care across India, particularly benefiting rural and remote areas. Industry executives highlighted that AI is transforming healthcare by improving patient safety, clinical outcomes, cost-efficiency, and overall patient experience. Speaking at the ETTelecom 5G Industries Innovation Summit 2024, JP Dwivedi, Chief Information Officer of Rajiv Gandhi Cancer Hospital, emphasized AI’s pivotal role in enabling faster decision-making through algorithms and machine learning (ML).
Dwivedi also pointed out that 5G’s high-speed, low-latency capabilities will facilitate remote healthcare delivery, such as telemedicine and teleconsultation. “5G is bridging the gap between doctors and patients,” he said, adding that the hub-and-spoke model will allow patients in rural areas to access specialized care from apex hospitals, transforming India’s healthcare landscape, especially post-COVID.
Editor’s Note: The integration of AI and 5G networks is set to transform healthcare in India, particularly in rural and remote areas, by enhancing patient safety and improving clinical outcomes. Industry experts, including JP Dwivedi from Rajiv Gandhi Cancer Hospital, highlight that 5G’s low-latency capabilities will facilitate remote healthcare delivery, enabling patients to access specialized care through telemedicine and bridging the gap between doctors and patients. A good read in understanding the healthcare sector and its technology opportunity.
Rajnath Singh Reaffirms Commitment to Strengthen India’s Defence Industry and Boost Exports
Defence Minister Shri Rajnath Singh reiterated the government’s dedication to empowering India’s defence industry, aligning with Prime Minister Narendra Modi’s vision of making India a global manufacturing hub. Addressing the seventh annual session of the Society of Indian Defence Manufacturers (SIDM) on October 4, 2024, in New Delhi, Singh emphasized the need to build a strong, self-reliant defence base. He highlighted key initiatives such as the creation of defence industrial corridors, positive indigenisation lists (PILs), and reforms like the corporatisation of the Ordnance Factory Board. Singh encouraged the industry to achieve complete self-reliance and continue to innovate in the rapidly changing global defence landscape.
Singh also praised the record-high defence production of Rs 1.27 lakh crore in FY 2023-24, with private companies contributing Rs 27,000 crore. He urged for increased private sector involvement, aiming for at least half of future defence production. The Raksha Mantri called on the industry to invest more in cutting-edge technologies like artificial intelligence (AI) and autonomous systems, ensuring India stays competitive on a global scale. The session, which focused on boosting exports and indigenous innovation, also saw Singh present the SIDM Champion Awards, celebrating excellence in defence manufacturing.
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2061953
Editor’s Note: Defence Minister Rajnath Singh reaffirmed the government’s commitment to strengthening India’s defence industry during the annual session of the Society of Indian Defence Manufacturers, emphasizing the need for self-reliance and innovation in line with Prime Minister Modi’s vision. He highlighted initiatives such as defence industrial corridors and positive indigenisation lists, while calling for increased private sector involvement and investment in cutting-edge technologies to boost exports and maintain global competitiveness.
Hyundai Motor Eyes $19 Billion Valuation for India Unit IPO
Hyundai Motor Co. is reportedly seeking a $19 billion valuation for the upcoming initial public offering (IPO) of its Indian subsidiary, Hyundai Motor India Ltd. (HMIL), according to sources cited by Bloomberg. The South Korean automaker plans to sell a 17.5% stake in HMIL, potentially raising around $3.3 billion. The IPO is expected to be launched on October 22 in Mumbai, attracting interest from a range of institutional investors including asset managers, insurers, pension funds, and sovereign wealth funds. The company is anticipated to file updated documents with India’s market regulator, the Securities and Exchange Board of India (Sebi), in the coming days.
If the IPO proceeds as planned, it could surpass Life Insurance Corporation of India’s (LIC) record-setting $2.5 billion IPO in 2022, becoming one of the largest in Asia in recent years. Strong economic growth and high investor appetite have buoyed India’s equity market, with Indian companies having already raised over $9 billion through IPOs in 2024, doubling the amount raised in the same period last year.
Editor’s Note: Hyundai Motor Co. is targeting a $19 billion valuation for the upcoming IPO of its Indian subsidiary, Hyundai Motor India Ltd., aiming to sell a 17.5% stake and potentially raise around $3.3 billion. Set to launch on October 22 in Mumbai, this IPO could surpass LIC’s record $2.5 billion IPO from 2022, reflecting strong investor interest and buoyant conditions in India’s equity market, which has already seen over $9 billion raised through IPOs in 2024.
India’s EV Market Sees 23% Growth in September, PM E-DRIVE Scheme Boosts Expansion
India’s electric vehicle (EV) market saw significant growth in September, with 1.59 lakh (159,000) units sold, a 23% increase compared to the same month last year. Electric two-wheelers led the surge, selling 0.90 lakh (90,000) units, while electric three-wheelers sold 0.63 lakh (63,000) units, both surpassing last year’s figures. In the competitive EV market, Bajaj Auto, TVS Motor, and Ather Energy showed strong sales performances, while Ola Electric and Hero MotoCorp reported a dip. In the three-wheeler segment, Mahindra led with 6,087 units sold, followed by Bajaj Auto with 5,004 units.
The growth was further boosted by the government’s newly launched PM E-DRIVE scheme, aimed at enhancing the EV ecosystem in India. The plan, with a budget of ₹10,900 crore over two years, focuses on expanding charging infrastructure and promoting electric mobility to support the country’s clean energy goals. From April to September, a total of 8.93 lakh EVs were sold, a 20% rise compared to the same period last year, signaling sustained growth in India’s EV market.
https://www.thepamphlet.in/english/indias-ev-market-grows-23-in-september-boosted-by-new-pm-e-drive-scheme/
Editor’s Note: India’s electric vehicle (EV) market experienced a notable 23% growth in September, with 159,000 units sold, driven primarily by strong performances in electric two-wheelers and three-wheelers. The government’s PM E-DRIVE scheme, which allocates ₹10,900 crore over two years to enhance charging infrastructure and promote electric mobility, has further supported this expansion. From April to September, total EV sales reached 893,000 units, reflecting a sustained 20% increase compared to the same period last year.
Zoom Launches Zoom Phone Service in Pune, Expansion Planned for Major Indian Cities
Zoom, the video communications giant, has introduced its Zoom Phone service in India, starting in Pune within the Maharashtra Telecom Circle. The service, which supports native India phone numbers, will soon be expanded to key regions including Karnataka, Tamil Nadu, Andhra Pradesh, Mumbai, and Delhi. This marks Zoom’s first licensed cloud private branch exchange (PBX) service in India, bundled with local phone numbers, and comes after the company received a Unified License from the Department of Telecommunications in April 2023.
Zoom Phone, available as an add-on for existing paid users, is designed to boost productivity with AI-driven features like post-call summaries and voicemail prioritization. Zoom executives highlighted the service’s compliance with India’s telecom regulations, ensuring a strong local infrastructure. Velchamy Sankarlingam, president of product and engineering at Zoom, emphasized that the launch reflects Zoom’s commitment to providing reliable, scalable cloud services in India.
Editor’s Note: Zoom has launched its Zoom Phone service in Pune, marking its first licensed cloud private branch exchange (PBX) offering in India, with plans for expansion to major regions like Karnataka, Tamil Nadu, and Delhi. Designed to enhance productivity with AI-driven features, the service complies with local telecom regulations and reflects Zoom’s commitment to providing reliable cloud solutions in the Indian market.