Billionaire’s chip dreams stymied as India set to deny funding

The government is likely to tell the venture between Agarwal’s Vedanta and Taiwan’s Hon Hai it won’t get incentives to make 28-nanometer chips, sources said. — Bloomberg

INDIA’S government is poised to deny crucial funding for billionaire Anil Agarwal’s chip venture, a setback for a US$19bil (RM87.7bil) push to make semiconductors in the country.

The government is likely to tell the venture between Agarwal’s Vedanta Resources Ltd and Taiwan’s Hon Hai Precision Industry Co it won’t get incentives to make 28-nanometer (nm) chips, people familiar with the matter said.