New Delhi, Feb 21 : Prime Minister Narendra Modi is scheduled to participate in the groundbreaking ceremony of the Rs 3,700 crore HCL-Foxconn joint venture project - India Chip Pvt. Ltd. - in the Yamuna Expressway Industrial Development Authority (YEIDA) area near the Noida International Airport in Jewar, Uttar Pradesh on Saturday via video conferencing.

The establishment of the semiconductor facility by Taiwanese electronics manufacturing giant Foxconn and India's HCL Group marks a significant milestone in Indiaâ??s journey towards technological self-reliance and reflects the Prime Ministerâ??s vision of positioning India as a trusted global destination for high-end electronics and semiconductor manufacturing.

This Outsourced Semiconductor Assembly and Test (OSAT) facility at YEIDA will be set up by India Chip Pvt. Ltd. under the Modified Scheme for Semiconductor Assembly, Testing, Marking and Packaging (ATMP), with a total investment of over Rs 3,700 crore.

The project is aligned with the government's efforts to strengthen domestic manufacturing capabilities, reduce import dependence, and build resilient global supply chains.

It is expected to play a crucial role in supporting key sectors such as mobile phones, tablets, laptops, automotive, consumer electronics and other devices.

Through this initiative, Indiaâ??s semiconductor ecosystem will receive a major boost, fostering innovation, skill development, and technology transfer.

The facility is also expected to create thousands of direct and indirect employment opportunities to engineers, technicians, and professionals, while catalysing growth in ancillary industries, the statement said.

The HCL-Foxconn joint venture underscores Indiaâ??s growing stature in the global semiconductor landscape and represents a major step forward in building a robust and self-reliant electronics manufacturing ecosystem.

Foxconn holds a 40 per cent equity stake in the venture and has already infused $37.2 million (around Rs 312 crore). The Taiwanese contract manufacturer may invest up to Rs 424 crore in the company.

YEIDA has allocated around 48 acres of land for the project in Sector 28, Jewar, near the upcoming Noida International Airport.

The facility will house an outsourced semiconductor assembly and test plant focused on display driver integrated circuits used in smartphones, laptops, and automotive applications.

/IANS