Business News | TSMC Secures Approval for USD 20 Billion Arizona Expansion

Taipei [Taiwan], July 3 (ANI): Taiwan Semiconductor Manufacturing Co. (TSMC) has received official clearance to inject USD 20 billion into its wholly owned subsidiary in Arizona.

According to a news report by Focus Taiwan, the approval was one of nine major domestic and overseas investment projects cleared by the MOEA's Department of Investment Review at a meeting Thursday.

Also Read | India Set To Criminalise Doping; Support Staff and Coaches Face Stricter Legal Accountability: Report.

This latest round of funding marks the sixth time the department has approved TSMC investments in the United States. The decision pushes the total amount cleared for the semiconductor giant's American operations to USD 44 billion. Government officials outlined the specific manufacturing goals tied to this new wave of capital.

The latest funding will be used to build a 12-inch wafer fab and an advanced packaging plant in Arizona, with further details to be announced by TSMC, the department said.

Also Read | ‘Gomutra Se Shuddhikaran Karna Padega’: Nitesh Rane Targets Uddhav Thackeray Over Maha Aarti (Watch Video).

The chipmaker's USD 20 billion allocation made up the vast majority of the total international financial packages processed during the session. In total, the regulatory department approved seven outbound investment projects worth approximately USD 23.05 billion.

Beyond the semiconductor sector, several other major tech and manufacturing firms secured permission to expand their global funding. Nanya Technology Corp. won approval to inject USD 1 billion into its British Virgin Islands subsidiary, Nanya Technology International Ltd. The news report explained that this move aims mainly to invest in US dollar time deposits and reduce foreign exchange hedging costs.

Electronics manufacturer Quanta Computer Inc. cleared hurdles to invest USD 600 million into Cayman Islands-based Quanta International Ltd. The capital will eventually flow into US-based Quanta Manufacturing Inc. to support computer and peripheral assembly operations.

Furthermore, Lite-On Technology Corp. received approval for a USD 919 million capital injection into its US subsidiary, Lite-On Inc., targeting the manufacture and sale of optoelectronic products and server power solutions.

The review board also finalized several other outbound packages. These included an internal US restructuring by Formosa Plastics Corp., a 1.6 billion Thai baht (USD 49.48 million) expansion by Taiwan Union Technology Corp. in Thailand, and a £143 million (USD 193 million) capital injection by Fubon Life Insurance Co. into its Jersey subsidiary for real estate leasing operations.

Additionally, inbound capital flows into Taiwan received clearance during the same meeting. The department authorized two foreign investment projects in Taiwan worth a combined NT$6.75 billion (USD 211.43 million).

This package included an NT$3.58 billion (USD 118 million) capital injection into Eli Lilly Taiwan by its Dutch parent, Lilly Nederland Holding B.V., alongside an NT$3.17 billion (USD 104.6 million) investment by U.K.-registered Formosa 6 Holdings Company Ltd. into Formosa 6 International Investment Co., Ltd. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)