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Foxconn pulls out of Indian wafer fab venture

Foxconn pulls out of Indian wafer fab venture

Business news |
By Peter Clarke

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Taiwan’s Foxconn has pulled out of a joint venture with mining-to-oil conglomerate Vedanta that was bidding to set down a wafer fab in Gujurat, according to reports.

“Foxconn has determined it will not move forward on the joint venture with Vedanta,” reports quoted Foxconn saying in a statement. No reason was given but the year-old plan to invest up to US$19.5 billion to set up a wafer fab and a display production facility has had a troubled history.

Hon Hai Precision Industries, which trades as Foxconn, is best known as an electronic manufacturing services company that makes products for Apple in China. Foxconn has been striving to broaden its position in the supply chain to include semiconductors and electric vehicle subsystems

Financially troubled Vedanta announced on Friday that it would take over from its holding company – Volcan Investments – the ownership of a joint venture with Taiwan’s Foxconn that was set up to make semiconductors. Reportedly this was after Vedanta was fined by the India marker regulator fined Vedanta for issuing press releases that gave the impression the JV was between Vedanta and Foxconn when it was between Volcan Investments and Foxconn.

Previously the JV was also criticised by the Indian government for lacking sufficient chip-making experience and licensing capability and was asked to resubmit its bid for government support (see Vedanta-Foxconn resubmits Indian wafer fab proposal).

In February 2023 it was reported that the JV had been trying to draw STMicroelectronics NV into the venture (see ST linked to Indian fab project as former NXP exec appointed CEO).

Related links and articles:

Vedanta-Foxconn resubmits Indian wafer fab proposal

ST linked to Indian fab project as former NXP exec appointed CEO

India’s Vedanta-Foxconn appoints GloFo alumnus as chip advisor

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