India approves HCL-Foxconn joint venture semiconductor unit

NEW DELHI, May 14 (Reuters) - India's cabinet has approved a new semiconductor plant, a joint venture between HCL Group and Taiwan's Foxconn (2317.TW), opens new tab, costing 37.06 billion rupees ($435 million), information minister Ashwini Vaishnaw said on Wednesday.
The plant, which will be located near the Jewar airport in the northern state of Uttar Pradesh, is designed for a capacity of 20,000 wafers per month and can produce 36 million display driver chips, Vaishnaw said at a cabinet briefing in New Delhi.