Following Sharp's announcement on March 27 that the company would enter a partnership with Taiwanese Foxconn for LCD (Liquid Crystal Display) business, the company recently announced its plan to set up a new JV for LCD production with Foxconn, Taiwan's Commercial Times reported on May 25. According to the source, they will jointly build a 6G LTPS (Low Temperature Poly Silicon) panel plant in Chengdu, China, with the investment totaling to 22 billion RMB (US$3.47 billion; US$1 = 6.34 RMB). Slated for mass production in the second half of 2013, the new plant will mainly manufacture small- and medium-size panels, including an initial monthly production capacity of 30,000 LTPS panels as well as 3,000 IGZO (Indium Gallium Zinc Oxide) panels. In addition, Sharp will license its manufacturing technologies to this new JV. Currently, the Apple iPhone and iPad use LTPS panels and being one of panels suppliers for Apple, Sharp reportedly will supply Apple LTPS panels for use in its New iPad beginning in the second quarter of 2012. Foxconn, however, declined to make any comments on the report, saying that any investment projects in China will require the approval by Taiwan's government.