Sony Group Corp.

(NYSE:SONY)and Taiwan Semiconductor Manufacturing Co.

(NYSE:TSM) reportedly plan to invest $6.3 billion in a state-of-the-art image sensor semiconductor plant in Kumamoto, Japan.

Production at the new facility is slated to begin as early as 2029 and will be operated through a joint venture, with Sony holding a majority 60% stake and TSMC owning the remaining 40%, reported Nikkei Asia on Monday.

The collaboration between the two companies was agreed upon in May.