Semiconductor Plant | Big blow to India’s semiconductor project, Foxconn announces breaking partnership with Vedanta

New Delhi: Foxconn has decided to exit the semiconductor joint venture with Vedanta in India. The company gave this information in a statement on Monday. Hon Hai Technology Group (Foxconn) said it is trying to remove the Foxconn name from the semiconductor venture. The company said, “Foxconn has no relationship with this entity. Retaining the original name will create confusion for future shareholders.” Electronics contract manufacturing company Foxconn last year tied up with Vedanta to set up a semiconductor manufacturing and display production facility in Gujarat. About Rs 1.5 lakh crore was to be invested in this. Read also Foxconn said in the statement that Foxconn has decided not to go ahead with the joint venture with Vedanta in order to explore the possibility of greater diversification opportunities under mutual agreement. According to the statement, Hon Hai Technology Group (Foxconn) and Vedanta worked hard over the past year to make Semiconductor’s idea a reality. Describing it as a good experience, the company said that it will help both the companies in future. “Foxconn is optimistic about the direction of India’s semiconductor growth,” the statement said. We will continue to strongly support the government’s ‘Make in India’ initiative.” What did Minister of State for Electronics and Information Technology Chandrashekhar say? Following Foxconn’s announcement, Minister of State for Electronics and Information Technology Chandrashekhar reacted in a tweet saying, “Foxconn’s announcement to exit JV with Vedanta is not going to impact India’s semiconductor manufacturing target.” ”