BENGALURU -- India on Wednesday approved the establishment of a new semiconductor factory by Taiwanese contract manufacturer Foxconn and local company HCL Technologies, in line with the government's strategy to position the country as an electronics manufacturing hub. The new joint venture will require a total investment of 37 billion rupees ($433 million), the government said. It will make display driver chips for mobile phones, laptops and automobiles, with the capacity to produce 20,000 wafers per month.