BENGALURU: In a serious setback to Prime Minister Narendra Modi’s plans of constructing India a chip-manufacturing hub, Taiwanese chip-making large Foxconn on Monday introduced that it has withdrawn from a three way partnership with India-based industrial large Vedanta.
Foxconn was imagined to execute a $19.5 billion semiconductor three way partnership with metals to grease conglomerate Vedanta.
Foxconn and Vendanta had signed a MoU in 2022 to ascertain semiconductor and show manufacturing components in Gujarat, the house state of PM Modi.
“Foxconn has decided it won’t transfer ahead on the three way partnership with Vedanta,” the corporate mentioned in a press release, with out elaborating over the matter.
It maintained that the withdrawal matter is settled between the 2 firms.
Nevertheless, Vedanta mentioned it’ll go forward with the challenge.
“Vedanta reiterates that it’s totally dedicated to its semiconductor fab challenge and we’ve lined up different companions to arrange India’s first foundry. We are going to proceed to develop our Semiconductor workforce, and we’ve the license for production-grade expertise for 40 nm from a outstanding Built-in System Producer (IDM).
“We are going to shortly purchase a license for production-grade 28 nm as properly. Vedanta has redoubled its efforts to satisfy the Prime Minister’s imaginative and prescient for semiconductors and India stays pivotal in repositioning international semiconductor provide chains,” an organization spokesperson mentioned.
