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Big News!Get out of India, $19.5 billion don't want it!
Time:2023-02-12 13:37:43      Click:217

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The latest news is that Foxconn has announced its withdrawal from a semiconductor joint venture with India's Vedanta Group worth $19.5 billion (approximately 141 billion yuan). This has brought setbacks to Indian Prime Minister Modi's chip manufacturing plan.

Foxconn stated in a statement that it has decided not to further develop its joint venture with Vedanta, but did not provide detailed reasons.

Foxconn stated that it has been more than a year since the two sides established a chip factory in India, but unanimously decided to terminate this plan. Foxconn will be delisted from this joint venture company, which is currently wholly-owned by Vedanta.

Bloomberg reported that Hon Hai's plan to collaborate with Vandanta to build a 28 nanometer chip factory has not yet met the standards of the Indian government, and therefore cannot receive subsidies of up to billions of dollars. This is a major setback for both parties' plans to invest 19.5 billion US dollars in building semiconductors


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