Foxconn eyes opportunities in the semiconductor sector

Foxconn Technology Group, the biggest assembler of Apple Inc's iPhones, is ramping up its efforts in the semiconductor and chipmaking sector, in a bid to wean itself off its heavy reliance on manufacturing smartphones and diversify into new areas as the global smartphone market slows down.

The company is in the final stages of talks with the Zhuhai municipal government to build a chip plant there with a total investment of about $9 billion, according to a report from Nikkei Business Daily.

Most of this would be shouldered by the Zhuhai government through subsidies and tax breaks, the Nikkei said, citing people familiar with the matter.