Foxconn withdraws from $19.5bn chip JV with India's Vedanta
Departure dampens New Delhi's efforts to make country a semiconductor hub
In 2022, Foxconn had signed an agreement with India's Vedanta to set up semiconductor and display production plants in the Indian state of Gujarat. (Source photos by Getty Images and courtesy of Vedanta)
BENGALURU -- Taiwanese electronics manufacturer Foxconn on Monday said it has pulled out of a joint venture with Indian mining conglomerate Vedanta Group to produce semiconductors locally, dealing a blow to New Delhi's efforts to make India a chipmaking hub.
The two companies last year announced a $19.5 billion investment to manufacture semiconductors and display units in Prime Minister Narendra Modi's home state of Gujarat in western India.