Foxconn pulls out of joint venture with Vedanta to make semiconductors

Tags: Economy/Finance

On 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