On July 10, Foxconn issued a statement declaring its withdrawal from the joint venture with Vedanta, an Indian metal oil group, which had planned to manufacture semiconductors in India.
As per Reuters, Vedanta Chairman Anil Agarwal announced today that the company intends to continue its entry into the chip and display manufacturing market later this year.
During a shareholder meeting, Agarwal stated that Vedanta would commence the establishment of its semiconductor and display units this year, “subject to government approval.”
After Foxconn’s exit, Vedanta has been searching for a new partner for the joint venture, but has not disclosed any further information.
Similarly, Foxconn has also expressed its intentions to find new partners in India to advance related projects.
As we previously reported, Vedanta’s holding company, Volcan Investments, and Foxconn signed an agreement worth $1.95 billion (currently about 160.84 Billion INR) last year to construct semiconductor and display production plants.
However, negotiations stalled due to the Indian government’s desire to involve European chipmaker STMicroelectronics in the joint venture.
Foxconn declared on July 10 that it would withdraw from the joint venture and search for another partner to apply for incentives associated with the Indian semiconductor production plan.
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