Foxconn's exit from Vedanta JV won't affect India's semiconductor goals: MoS IT.

Foxconn, a Taiwanese electronics company, has decided to withdraw from a joint venture with Indian conglomerate Vedanta. However, India's minister of state for electronics and IT, Rajeev Chandrasekhar,

has stated that this would not affect the country's planned construction of a semiconductor manufacturing unit. With the Indian giant Vedanta, Foxconn has opted to withdraw from their semiconductor joint venture.

Foxconn's exit from its joint venture with Vedanta would not affect India's plans to build a semiconductor fabrication facility, the company has said. "Zero," Chandrasekhar wrote on Twitter.

Earlier this year, the Vedanta Foxconn JV revealed plans to invest over USD 1.5 lakh crore in establishing India's first electronic chip manufacturing factory in Gujarat.Chandrasekhar said in a tweet, "Its not for govt to get into why or how two private companies choose to partner or choose not to partner."

This means both companies may and will pursue their plans in India separately, and with the right technological partners in the semiconductor and electronics industries.

The minister praised both Foxconn and Vedanta, noting that they had made substantial investments in India, helping to foster economic growth and employ locals.Both firms were anticipated to outsource their Fab technology due to their lack of prior semicon expertise and Technology.

The minister noted that the JV VFSL had attempted to submit a proposal for a 28nm fab, but had been unable to find a "appropriate Tech partner" for the project.

He stated that the government's Semicon India Tech Advisory Council is now evaluating a 40 nm fab proposal filed by Vedanta through its JV VFSL, which is supported by a technology license agreement with a Global Semicon major.





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