Foxconn dumps $19.5 billion Vedanta chip plan in blow to India


FILE PHOTO-A woman walks past the logo of Foxconn outside a company's building, in New Taipe City, Taiwan December 22, 2022. REUTERS/Annabelle Chih/file photo

TAIPEI/BENGALURU (Reuters) -Taiwan's Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, it said on Monday, in a setback to Prime Minister Narendra Modi's chipmaking plans for India.

The world's largest contract electronics maker signed a pact with Vedanta last year to set up semiconductor and display production plants in Modi's home state of Gujarat.

The Star Christmas Special Promo: Save 35% OFF Yearly. T&C applies.

Monthly Plan

RM 13.90/month

Best Value

Annual Plan

RM 12.33/month

RM 8.02/month

Billed as RM 96.20 for the 1st year, RM 148 thereafter.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Tech News

To find living donors for kidney transplants, a pilot programme turns to social networks
Agentic AI race by British banks raises new risks for regulator
These travel influencers don’t want freebies. They’re AI.
Social app RedNote expanding beyond China despite privacy concerns
Live shopping catches on in US with Kim Kardashian and�cookies
Amazon in talks to invest in OpenAI, source says
Grok spews misinformation about deadly Australia shooting
Blackstone leads investment in data-security firm Cyera at a $9 billion valuation, WSJ reports
AI romance blooms as Japan woman weds virtual partner of her dreams
Waymo in talks to raise billions at over $100 billion valuation, the Information reports

Others Also Read