Big blow to India’s chip making ambitions as Foxconn pulls back deal with Vedanta, China must be happy
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New Delhi: India has suffered a major setback for making semiconductors in the country. This is because this was the first and biggest agreement to make semiconductors in the country at the global level. Work on this was going on for the last one and a half year. It was expected that soon this project would take a concrete form in the country. In the case of semiconductors, India’s position is similar to that of crude oil. By the year 2025, this market is estimated to reach from $ 24 billion to $ 100 billion. If production is not done in the country, then the import bill will increase by this much amount. If this project of Taiwanese company and Vedanta had started in India, its technology would have come to India. Its direct blow would have been felt by China. Now it remains to be seen how the agreement signed with American companies for making chips materializes. It is noteworthy that Taiwanese company Foxconn has signed its agreement with Vedanta to make semiconductors in India. Demolition has been announced. Last year, Vedanta and Foxconn had announced to set up semiconductor and display production plants in Gujarat with an investment of Rs 1.50 lakh crore.
Foxconn has said in its statement that it has decided not to go ahead with the joint venture with Vedanta. He and Vedanta worked hard over the past year to make Semiconductor’s idea a reality. This will help both the companies going forward. However, the company also said that it is optimistic about the direction of India’s semiconductor growth. She will continue to strongly support the ‘Make in India’ initiative of the Government of India.
Foxconn has said in its statement that it has decided not to go ahead with the joint venture with Vedanta. He and Vedanta worked hard over the past year to make Semiconductor’s idea a reality. This will help both the companies going forward. However, the company also said that it is optimistic about the direction of India’s semiconductor growth. She will continue to strongly support the ‘Make in India’ initiative of the Government of India.
Vedanta said it is in touch with a potential partner for setting up a semiconductor manufacturing plant. The company has stepped up efforts to fulfill Prime Minister Narendra Modi’s vision for semiconductors. The company is fully committed to its semiconductor manufacturing project. The company will continue to grow the semiconductor team. It has a production-level technology license for 40 nm (nanometers) from a major integrated equipment manufacture.
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