Foxconn leaves Vedanta’s joint venture for semiconductors in India
According to a statement, Foxconn said on Monday that it had made the decision to leave the semiconductor joint venture it had with the Indian company Vedanta.
According to Foxconn, it is “working to remove the Foxconn name from what is currently a fully-owned Vedanta entity.”
Foxconn stated: “Hon Hai Technology Group has no affiliation with the entity and efforts to maintain its original name will confuse future stakeholders.”
The worldwide manufacturer of contract electronics Foxconn and Vedanta signed a deal last year to construct semiconductor and display manufacturing facilities in Gujarat at an estimated cost of Rs. 1.5 lakh crore.
pursuant to a statement released by Foxconn on Monday, “Foxconn has determined it will not proceed on the joint venture with Vedanta, according to mutual agreement, in order to explore more diverse development opportunities.”
According to the release, Vedanta and Hon Hai Technology Group (Foxconn) have been working hard for more than a year to realise a remarkable semiconductor innovation. It has been a profitable experience that will provide both businesses a bright future.
“Foxconn is optimistic about the course taken by India’s semiconductor industry. We will continue to vehemently support the government’s ‘Make In India’ goals and forge a variety of local alliances that cater to stakeholders’ demands,’ the statement stated.
