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Foxconn to build chip plant in India with local metals company

The joint venture supports Modi's plan for a domestic semiconductor ecosystem

Taiwan's Foxconn and Vedanta of India have agreed to jointly build a chip company in the latter's home market to help meet local demand. (Source photos by Getty Images and courtesy of Vedanta) 

TAIPEI -- Major iPhone assembler Foxconn on Monday said it plans to build a chip plant with Indian natural resources conglomerate Vedanta, making the Taiwanese company the first major foreign tech manufacturer to respond to the South Asian country's call to bring chip production onshore.

The two companies agreed to set up a joint venture for the project, with Foxconn to invest $118.7 million and hold a 40% share, the iPhone assembler said. Vedanta Chairman Anil Agarwal will be the chairman of the venture, which is aimed at meeting massive demand from the local electronics industry.

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