Foxconn-Vedanta Deal: How will the dream of a semiconductor plant be fulfilled? Chairman of Vedanta Group told – has prepared the list of partners
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Taiwanese company Foxconn has announced to break its agreement with Vedanta to manufacture semiconductors in India. 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.
India’s Vedanta has shortlisted partners for its semiconductor manufacturing venture in the country. Days after joint venture partner Foxconn 2317.TW pulled out of the chip manufacturing project, Vedanta Group Chairman Anil Agarwal on Wednesday said it has lined up partners for the chip venture after Foxconn backed out. Foxconn earlier this week pulled out of a $19.5 billion semiconductor joint venture with the metals-to-oil conglomerate.
Taiwanese company Foxconn has announced to break its agreement with Vedanta to manufacture semiconductors in India. 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 said in its statement that it has decided not to go ahead with the joint venture with Vedanta.
Vedanta, on the other hand, said that 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. We have licensed production-grade technology for 40nm (chips) from a leading Integrated Device Manufacturer (IDM).
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