Foxconn withdraws from JV for chip manufacture, Vedanta to go ahead
I
n a major setback to Prime Minister Narendra Modi's plans of making India a chip-manufacturing hub, Taiwanese chip-making giant Foxconn on Monday announced that it has withdrawn from a joint venture with India-based industrial giant Vedanta.
Foxconn was supposed to execute a $19.5 billion semiconductor joint venture with metals to oil conglomerate Vedanta.
Foxconn and Vendanta had signed a MoU in 2022 to establish semiconductor and display production parts in Gujarat, the home state of PM Modi.
Foxconn has determined it will not move forward on the joint venture with Vedanta, the company said in a statement, without elaborating over the matter.
It maintained that the withdrawal matter is settled between the two companies.
We will shortly acquire a license for production-grade 28 nm as well. Vedanta has redoubled its efforts to fulfill the Prime Minister's vision for semiconductors and India remains pivotal in repositioning global semiconductor supply chains, a company spokesperson said.
✔️ Foxconn withdraws from JV for chip manufacture, Vedanta to go ahead
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