Foxconn Pulls Out Of $19.5 Billion JV With Vedanta: Report The company is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta
By Teena Jose
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Taiwan's Foxconn said on Monday it is pulling out of a joint venture with metals-to-oil conglomerate Vedanta Ltd that was set up to produce semiconductors from India, according to a Reuters report.
Foxconn and Vedanta signed a pact last year to invest $19.5 billion to set up semiconductor and display production plants in the western state of Gujarat, seeking to tap into the country's plans to become an electronics major.
"Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta," the electronics manufacturer said in a statement.
Reportedly, Foxconn said it had worked with Vedanta for more than a year to bring "a great semiconductor idea to reality", but they had mutually decided to end the joint venture and it will remove its name from what now is a fully-owned Vedanta entity.
Anil Agarwal-led Vedanta and Taiwan's Hon Hai Technology Group, also known as Foxconn, have entered into a partnership to manufacture semiconductors in India, last year.
Foxconn is the world's largest contract electronics manufacturer and a major supplier to iPhone maker Apple. It has recently expanded into areas, including electric vehicles (EVs) and semiconductors.
China is also one of the key exporters of semiconductors to India. In 2020, India spent $15 billion on electronics imports, of which 37% came from China.
