Foxconn Withdraws from Rs 1.5 lakh crore Semiconductor Joint Venture with Vedanta

New Delhi, 11th July 2023: Foxconn stated, “working to remove the Foxconn name from what now is a fully-owned entity of Vedanta.”

Hon Hai Technology group (Foxconn) further said, “Foxconn has no connection to the entity and efforts to keep its original name will cause confusion for future stakeholders.”

Foxconn, the worldwide contract electronics manufacturer, and Vedanta signed an agreement last year to invest approximately Rs 1.5 lakh crore in the construction of semiconductor and display manufacturing plants in Gujarat.

However, Foxconn said in a statement on Monday, “In order to explore more diverse development opportunities, according to mutual agreement, Foxconn has determined it will not move forward on the joint venture with Vedanta.”

According to the release, Hon Hai Technology Group (Foxconn) and Vedanta have been working hard for over a year to bring a fantastic semiconductor idea to fruition. It said that it was a fruitful experience that will help both companies in the future.

According to Union Minister of Electronics and IT Ashwini Vaishnaw, Foxconn and mining behemoth Vedanta are dedicated to the country’s semiconductor mission and Make-in-India project.

Ashwini Vaishnaw made a remark about the development and wrote on Twitter, “ Both the companies Foxconn and Vedanta are committed to India’s semiconductor mission and Make in India program.”