Union Minister of State for Electronics and IT Rajeev Chandrasekhar on Monday said Foxconn’s decision to withdraw from its Joint Venture (JV) with Vedanta has no impact on the country’s semiconductor fabrication goals. Even as Foxconn has pulled out of the JV, Indian conglomerate Vedanta has said that it is fully committed to its semiconductor fab project. Taiwan’s Foxconn is a key contract manufacturer of Apple iPhones and the world’s largest too. Foxconn-Vedanta had jointly announced setting up India’s first electronic chipset manufacturing plant in Gujarat.
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“Both Foxconn n Vedanta have significant investments in India and are valued investors who are creating jobs n growth. It was well known that both companies had no prior semicon experience or Technology and were expected to source Fab tech from a Tech partner. While their JV VFSL had originally submitted a proposal for 28nm fab, they could not source appropriate Tech partner for that proposal,” Chandrasekhar explained, in a detailed post on Twitter.
“Vedanta thru VFSL has recently submitted a 40nm fab proposal backed by Tech licensing agreement from a Global Semicon major – which is currently being evaluated by @Semicon_India Tech Advisory group,” the MoS added.
➡️This decision of Foxconn to withdraw from its JV wth Vedanta has no impact on India’s #Semiconductor Fab goals. None.
➡️Both Foxconn n Vedanta have significant investments in India and are valued investors who are creating jobs n growth.
➡️It was well known that both… https://t.co/0DQrwXeCIr
— Rajeev Chandrasekhar 🇮🇳 (@Rajeev_GoI) July 10, 2023
Taiwan’s Foxconn on Monday said that it is pulling out of the JV with Anil Agarwal-led Vedanta Ltd that was set up to produce semiconductors in India, news agency Reuters reported. Foxconn and Vedanta signed a pact last year to invest $19.5 billion to set up semiconductor and display production plants in Gujarat, were eyeing to tap into India’s plans to become an electronics major, according to the report.
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Foxconn in a statement said, “Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta. Foxconn has no connection to the entity and efforts to keep its original name will cause confusion for future stakeholders.” However, the project was proceeding slowly as talks to rope in European chipmaker STMicroelectronics as a partner got deadlocked, Reuters reported last month.
The Taiwanese firm is confident about the direction of India’s semiconductor development. “We will continue to strongly support the government’s “Make In India” ambitions and establish a diversity of local partnerships that meet the needs of stakeholders,” it added.
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