Semiconductor manufacturing in India has suffered a major setback. Last year, the semiconductor maker Foxconn had partnered with a vendor to manufacture it in India, but now the company has backed out. Only last year, Vedanta and Foxconn announced to set up semiconductor and display production plants in Gujarat with an investment of about 1.5 lakh crores.
Foxconn Cancels Agreement With Vedanta
According to the news agency Reuters, Foxconn stated that the company is working to remove its name from Vedanta’s wholly-owned company. The company has decided not to pursue the joint venture with Vedanta. Foxconn said that now the company has no connection with Vedanta, and there was already confusion about the original name, after which the company has decided.
Apart from this, Foxconn said we have full faith in India’s semiconductor development. We fully support the Make in India initiative of the Government of India and will continue to partner, keeping in view the needs of the shareholders.
Explain that on September 13, an agreement was signed between the Government of India, Vedanta and Foxconn in Gandhinagar, Gujarat. Union Minister Ashwini Vaishnav and Gujarat Chief Minister Bhupendra Patel were also present. Bhupendra Patel had said that both companies have decided to invest Rs 1 lakh 54 thousand crore to set up units in Gujarat.
Rajeev Chandrasekhar Reacted
On the breakdown of the deal between Foxconn and Vedanta, Union Electronics and Technology Minister Rajeev Chandrasekhar tweeted that Foxconn’s decision to withdraw from its joint venture with Vedanta will have no impact on India’s goals in the semiconductor sector. He said the breakdown of the agreement between Foxconn and Vedanta should not be seen from the wrong perspective. He said that it is not right to question the actions of India and PM Modi.
