Foxconn pulls out of joint venture with Vedanta to make semiconductors

Tags: Economy/Finance

Foxconn-pulls-out-of-joint-venture-with-Vedanta-to-make-semiconductorsOn 10 July 2023, India's Make in India initiative suffered a major loss when Vedanta Limited's agreement with Taiwanese company Foxconn to manufacture semiconductors in India was cancelled.

An Overview of the news:

  • It was established production for semiconductors in India.
  • According to a report, the company has expressed confidence about India's semiconductor development. The company will fully support the "Make in India" campaign of the Government of India.
  • According to Vedanta, it will work with local partners to meet the needs of its stakeholders.
  • Foxconn and Vedanta last year signed an agreement to invest $19.5 billion to build a semiconductor and display production plant in Gujarat.

Vedanta Limited:

  • Vedanta Limited is an Indian multinational mining company headquartered in New Delhi,
  • Founder: Dwarka Prasad Agarwal
  • Established: 25 June 1965
  • CEO: Sunil Duggal
  • Subsidiaries: Hindustan Zinc, Bharat Aluminum Company, More
  • Parent organization: Vedanta Resources

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