India’s efforts to manufacture chips have been temporarily hampered by Foxconn’s decision to leave a joint venture in the semiconductor industry with Indian giant Vedanta.
Foxconn stated in a statement that it is attempting to have its name taken off of what is now wholly owned by Vedanta.
Foxconn has no affiliation with the organization, and attempts to maintain its original name will confuse potential stakeholders, according to Hon Hai Technology Group (Foxconn).
The worldwide manufacturer of contract electronics Foxconn and Vedanta signed a contract last year to invest Rs. 1.5 lakh crore in the construction of semiconductor and display manufacturing facilities in Gujarat.
“In order to explore more diverse development opportunities, according to mutual agreement, Foxconn is determined that it will not move forward on the joint venture with Vedanta,” the company said.
“Foxconn is confident about the direction of India’s semiconductor development. We will continue to strongly support the Government’s ‘Make in India’ ambitions and establish a diversity of local partnerships that meet the needs of the stakeholders,” it said.
Vedanta stated after the news that it is completely committed to its semiconductor project and has lined up other partners to establish India’s first foundry.
In a statement, Vedanta stated that it has increased its efforts to realize PM Modi’s vision for semiconductors and confirmed that India continues to play a crucial role in realigning the world’s semiconductor supply chains.
“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 40nm from a prominent Integrated Device Manufacturer (IDM),” Vedanta said.
