Foxconn-Vedanta Update: Big blow to semiconductor manufacturing, Foxconn exits joint venture with Vedanta
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Foxconn said it had worked with Vedanta for more than a year to bring the semiconductor idea to reality, but they had mutually decided to end the joint venture and that it would now separate its operations from a wholly owned Vedanta entity. Name will be removed.
Taiwan’s Foxconn said on Monday it has pulled out of a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, dealing a blow to Prime Minister Narendra Modi’s chip manufacturing plan for India. Foxconn and Vedanta, the world’s largest contract electronics maker, signed an agreement last year to set up semiconductor and display production plants in Gujarat. Foxconn has decided not to go ahead with the joint venture with Vedanta, the electronics maker said in a statement without elaborating on the reasons.
Foxconn said it had worked with Vedanta for more than a year to bring the semiconductor idea to reality, but they had mutually decided to end the joint venture and that it would now separate its operations from a wholly owned Vedanta entity. Name will be removed. PM Modi has made chip manufacturing a top priority for India’s economic strategy in pursuit of a new era in electronics manufacturing and Foxconn’s move is a blow to his ambitions to woo foreign investors to make chips locally for the first time.
Vedanta did not immediately respond to a request for comment. Foxconn is best known for assembling the iPhone and other Apple (AAPL.O) products, but in recent years it has been expanding into chips to diversify its business.
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