Electronics manufacturing company Hon Hai Technology Group (foxconn) has given a big blow to Vedanta of India. It has decided to withdraw from the semiconductor joint venture. The statement of the Central Government has also come out on the news of cancellation of the deal. In which the government said, the end of the deal will not affect India’s semiconductor target.
Foxconn said, the company has no relation with the semiconductor venture
Foxconn said it is trying to remove the Foxconn name from the semiconductor venture. The company said, Foxconn has no relation with this entity. Retaining the original name would create confusion for future shareholders.
Foxconn’s announcement has no impact on India’s semiconductor target: Chandrasekhar
Minister of State for Electronics and Information Technology Rajeev Chandrasekhar on Monday announced Foxconn’s exit from the semiconductor manufacturing joint venture, saying it will have no impact on the chip-making target in the country. Here Union Railway Minister Ashwini Vaishnav tweeted and said, both Foxconn and Vedanta companies are committed to India’s semiconductor mission and Make in India programme.
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Foxconn withdraws from its JV with Vedanta; Center says no impact on India’s semiconductor goalsRead @ANI Story | https://t.co/cotylGFZ50#Vedanta #foxconn #Semiconductor #manufacturer pic.twitter.com/tH8UGMamsf
— ANI Digital (@ani_digital) July 10, 2023
Both the companies did not have semiconductor experience or technology: Chandrasekhar
Responding to Foxconn’s announcement in a tweet, Chandrasekhar said, he was well aware that both companies did not have prior semiconductor experience or technology. They were expected to acquire this manufacturing technology from a technology partner. Their joint venture had proposed a 28 nm chip but could not find a suitable technology partner for it.
In touch with other potential partners for semiconductor plant: Vedanta
Vedanta on Monday said it is in touch with potential partners to set up a semiconductor manufacturing facility after partner Foxconn announced exit from its chip manufacturing venture.
Vedanta and Foxconn were to set up a conductor manufacturing plant in Gujarat at a cost of 1.5 lakh crores
Significantly, Taiwan’s electronics company Foxconn has announced to separate itself from the joint venture with Vedanta. The venture was to set up a semiconductor manufacturing plant in Gujarat with an investment of Rs 1.5 lakh crore.
