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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
HCL-Foxconn OSAT JV begins scouting for EPC partners
HCL-Foxconn joint venture has begun talks with Larsen & Toubro (L&T) as well as Taiwanese major CTCI as it looks to onboard an EPC (engineering, procurement and construction) partner for its upcoming outsourced semiconductor assembly and testing (OSAT) facility, people aware of the development told ET.
EPC companies essentially handle projects from the initial design and engineering to construction and completion stage.
«Since Foxconn's semiconductor group head was in India, HCL arranged a meeting with EPC vendors like L&T and CTCI, who have worked extensively with Foxconn,» one of the people cited earlier said. «It took place as a preliminary discussion to see who could be the partner for the facility, going forward, because HCL-Foxconn are hoping to receive Cabinet approval by the end of this month.»
The discussions took place in Gujarat when Foxconn's president of the semiconductor group, Bob Chen, was visiting, the person said.
Queries sent to HCL, Foxconn, L&T and CTCI remained unanswered till as of press time Sunday.
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The JV is awaiting Cabinet approval for its OSAT facility, which is likely to be the first of its kind to come up in Uttar Pradesh. Foxconn, which is reportedly investing $37.2 million, holds a 40% equity stake in the venture.
L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services and has presence across eight countries in addition to India.
Taiwan-headquartered CTCI serves the environmental, refinery, petrochemical, power, transportation,
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