06:19 AM EDT, 09/04/2024 (MT Newswires) -- NXP Semiconductors ( NXPI ) and Vanguard International Semiconductor said Wednesday that they had received all necessary approvals to form the VisionPower Semiconductor Manufacturing joint venture in Singapore.

The venture will now proceed with the construction of a $7.8 billion 300-millimeter wafer fab plant, the companies said.

The firms first announced their agreement to build a joint venture in June.

The joint venture will begin the initial phase of the wafer fab in H2 this year, with initial production set to begin in 2027, the companies said.

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