Foxconn and Vedanta, which signed an ambitious joint venture pact last September to invest $19.5 billion in Gujarat to set up semiconductor and display production plants, have called off their alliance.
The Rs 1,54,000 crore project was to come up at the Special Investment Region (SIR) in Dholera on the outskirts of Ahmedabad.
Taiwan’s Foxconn has confirmed that it is pulling out of a joint venture with metals-to-oil conglomerate Vedanta Ltd that was set up to produce semiconductors from India. Gujarat was exub.
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.
Vedanta issued the statement that “Vedanta reiterates that it is fully committed to its semiconductor fab project and we have lined up other partners to set up India’s first foundry. We will continue to grow our Semiconductor team, and we have the license for production-grade technology for 40 nm from a prominent Integrated Device Manufacturer (IDM). We will shortly acquire a license for production-grade 28 nm as well. Vedanta has redoubled its efforts to fulfill the Prime Minister’s vision for semiconductors and India remains pivotal in repositioning global semiconductor supply chains.”