• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Foxconn dumps $19.5 billion Vedanta chip plan in blow to India
Business

Foxconn dumps $19.5 billion Vedanta chip plan in blow to India

July 11, 2023No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

[1/2]FILE PHOTO-A woman walks past the logo of Foxconn outside a company’s building, in New Taipe City, Taiwan December 22, 2022. REUTERS/Annabelle Chih/file photo

  • Modi wants India to become a semiconductor making hub
  • Foxconn pulls out of a key project planned with Vedanta
  • Foxconn says mutually reached decision with Vedanta
  • Decision seen as a setback to PM Modi’s ambitions

TAIPEI/BENGALURU, July 10 (Reuters) – Taiwan’s Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, it said on Monday, in a setback to Prime Minister Narendra Modi’s chipmaking plans for India.

The world’s largest contract electronics maker signed a pact with Vedanta last year to set up semiconductor and display production plants in Modi’s home state of Gujarat.

“Foxconn (2354.TW) has determined it will not move forward on the joint venture with Vedanta,” a Foxconn statement said without elaborating on the reasons.

The company said it had worked with Vedanta for more than a year to bring “a great semiconductor idea to reality”, but they had mutually decided to end the joint venture and it will remove its name from an entity that is now fully owned by Vedanta.

Vedanta said it is fully committed to its semiconductor project and had “lined up other partners to set up India’s first foundry”. “Vedanta has redoubled its efforts” to fulfil Modi’s vision, it added in a statement.

A source familiar with the matter said concerns about incentive approval delays by India’s government had contributed to Foxconn’s decision to pull out of the venture. New Delhi had also raised several questions on the cost estimates provided to request incentives from the government, the source added.

See also  Small Business Optimism Drops To More Than 11-Year Low As Inflation Crushes Americans

Modi has made chipmaking a top priority for India’s economic strategy in pursuit of a “new era” in electronics manufacturing and Foxconn’s move represents a blow to his ambitions of luring foreign investors to make chips locally for the first time.

“This deal falling through is definitely a setback for the ‘Make in India’ push,” said Neil Shah, Vice President of research at Counterpoint, adding that it also does not reflect well on Vedanta and “raises eyebrows and doubts for other companies”.

Deputy IT minister Rajeev Chandrasekhar said Foxconn’s decision had “no impact” on India’s plans, adding that both companies were “valued investors” in the country.

He said it was not for the government to “get into why or how two private companies choose to partner or choose not to”.

‘IMPORTANT STEP’

Foxconn is best known for assembling iPhones and other Apple (AAPL.O) products but in recent years it has been expanding into chips to diversify its business.

Most of the world’s chip output is limited to a few countries, such as Taiwan, with India a late entrant. The Vedanta-Foxconn venture announced its chipmaking plans in Gujarat last September, with Modi calling the project “an important step” in boosting India’s chipmaking ambitions.

But his plan had been slow to take off. Among other problems encountered by the Vedanta-Foxconn project were deadlocked talks to involve European chipmaker STMicroelectronics (STMPA.PA) as a tech partner, Reuters has previously reported.

While Vedanta-Foxconn managed to get STMicro on board for licensing technology, India’s government had made clear it wanted the European company to have more “skin in the game”, such as a stake in the partnership.

See also  Berkshire posts record operating profit, rising rates boost Buffett's returns

STMicro was not keen on that and the talks remained in limbo, a source has said.

The Indian government has said it remains confident of attracting investors for chipmaking. Micron last month said it will invest up to $825 million in a chip testing and packaging unit, not for manufacturing. With support from India’s federal government and the state of Gujarat, the total investment will be $2.75 billion.

India, which expects its semiconductor market to be worth $63 billion by 2026, last year received three applications to set up plants under a $10 billion incentive scheme.

These were from the Vedanta-Foxconn joint venture, Singapore-based IGSS Ventures and global consortium ISMC, which counts Tower Semiconductor (TSEM.TA) as a tech partner.

The $3 billion ISMC project has stalled, too, owing to Tower being acquired by Intel, while another $3 billion plan by IGSS was also halted because it wanted to re-submit its application.

India has re-invited applications for the incentive scheme from companies.

Reporting by Munsif Vengattil in Bengaluru, Ben Blanchard in Taipei, Aditya Kalra in New Delhi; Additional reporting by Rishika Sadam; Editing by David Goodman and Alexander Smith

: .

Munsif Vengattil is a Reuters’ India technology correspondent, based in New Delhi. He tracks how policymaking is influencing the business of tech in India, and how the country is now vying more aggressively to be a powerhouse in the global electronics supply chain. He also regularly reports on big tech giants, including Facebook and Google, and …

Aditya Kalra is the Company News Editor for Reuters in India, overseeing business coverage and reporting stories on some of the world’s biggest companies. He joined Reuters in 2008 and has in recent years written stories on challenges and strategies of a wide array of companies — from Amazon, Google and Walmart to Xiaomi, Starbucks and Reliance…

See also  China’s Struggling Economy Is Infecting The Rest Of The World
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Additional Kazakh and Uzbek Companies Hit With Russia-Related Sanctions

October 31, 2024

Subway Witness Calls Daniel Penny a Hero: ‘He Saved A Lot of People That Day’ | The Gateway Pundit

May 21, 2023

Stocks, yields rise as traders balance China, oil supply

August 21, 2023

China’s Qin Gang Scrubbed From Foreign Ministry Website After Dramatic Removal

July 26, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Maury Povich Wife ‘Livid’ Over His At-Home Paternity Tests: Source

July 9, 2023

Four Horse Deaths at Churchill Downs Renew Safety Concerns Ahead of Kentucky Derby

May 4, 2023

Sweden’s Essity divests Russian operations

June 11, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.