Foxconn is making plans to use one by one to construct a semiconductor production plant in India, the Taiwanese tech large mentioned on Tuesday, an afternoon after withdrawal from a semiconductor three way partnership (JV) with India’s Vedanta Limited.
“Foxconn is operating towards filing an utility associated with Modified Program for Semiconductors and Display Fab Ecosystem. We had been actively reviewing the panorama for optimum companions, and welcome a various set of stakeholders, each within India and in another country,” the company noted in a statement.
Stressing that it remains ‘committed’ to India, the world’s largest electronics contract manufacturer stated that it sees the country ‘successfully establishing a robust semiconductor manufacturing ecosystem.’
Foxconn-Vedanta joint venture
Last year, the two companies announced VFSL (Vedanta Foxconn Semiconductors Limited), a joint venture that would have invested $20 billion to set up units for semiconductor fabrication, assembly and testing, and display manufacturing, in India.
The project, which would have seen the world’s fifth-largest economy getting its maiden chip manufacturing plant, was proposed under a $10 billion financial incentive scheme (Modified Program for Semiconductors and Display Fab Ecosystem) backed by the country’s Narendra Modi government.
In its statement announcing the withdrawal, Foxconn noted that the split was ‘mutual,’ and because of the following issues, recognized by both sides: project not moving fast enough, challenging gaps, and external issues unrelated to the project. The New Taipei-headquartered firm also clarified its name is no longer associated with the venture.
Vedanta, on the other hand, did not comment on the JV’s end, but said it was going ahead with its plans to set up a semiconductor fab. The government, meanwhile, downplayed The development, saying there will be no impact on its plans to make India a semiconductors manufacturing destination.