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

By Ben Blanchard, Munsif Vengattil and Aditya Kalra
FILE PHOTO-A woman walks past the logo of Foxconn outside a companys building in New Taipe City Taiwan December 22 2022. REUTERSAnnabelle Chihfile photo

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TAIPEI/BENGALURU (Reuters) -Taiwan's Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, it said on Monday, in a setback to Prime Minister Narendra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

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