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.
