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After separating from Vedanta, Foxconn plans to apply for India’s chipmaking incentives

New Delhi: Taiwan-based Hon Hai Technolgy Group (Foxconn) on Tuesday informed about its plan to apply for incentives that India is offering to set up semiconductor manufacturing plants within the nation. This comes up after Foxconn parted ways with Vedanta. Foxconn on Monday decided to call-off its joint venture with Vedanta to manufacture semiconductors in […]

Edited By : Prateek Gautam | Updated: Jul 12, 2023 12:44 IST
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Foxconn subsidiary Fii plans to set up a new manufacturing plant of Apple's iPhone in Karnataka

New Delhi: Taiwan-based Hon Hai Technolgy Group (Foxconn) on Tuesday informed about its plan to apply for incentives that India is offering to set up semiconductor manufacturing plants within the nation.

This comes up after Foxconn parted ways with Vedanta. Foxconn on Monday decided to call-off its joint venture with Vedanta to manufacture semiconductors in India’s Gujarat.

The Taiwan-based electronic-based firm released a statement and said, “Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem.”

Adding further, the company said, “There was recognition from both sides that the project was not moving fast enough” with the presence of “challenging gaps we were not able to smoothly overcome,” without mentioning the details.

Incentives bothered Hon Hai Technology Group (Foxconn) 

According to the sources, the reason behind Foxconn’s withdrawal had everything to do with the concerns regarding delayed incentive approval by the Indian government.

After the two companies mutually decided to call off their alliance, Minister of State (MoS) Rajeev Chandrasekhar shared a tweet and wrote: “Withdrawal of Foxconn from its JV with Vedanta changes nothing about India’s semiconductor goals. It allows both companies to independently pursue their strategies for Indian semiconductors and electronics.”

Post announcing their disassociation, Vedanta declared that it still remained determined on its semiconductor project and has already lined up other potential partners to set up India’s first foundry.

Releasing a statement the mining major said that it has maximised its efforts to fulfil PM Modi’s vision for semiconductors and affirmed that India remained pivotal in repositioning the global semiconductor supply chain.

(Written by – Mahek Nigam

Edited By – Prateek Gautam)

First published on: Jul 11, 2023 02:56 PM IST

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