India’s Vedanta, led by chairman Anil Agarwal, announced its entry into the chips and displays manufacturing market this year after its partner Foxconn backed out of a $19.5 billion chipmaking project. While Foxconn plans to seek incentives under India’s semiconductor production plan, Vedanta aims to set up its semiconductor and display units pending government approval.
Vedanta, following Foxconn’s withdrawal, has secured new partners for this venture, although no details have been disclosed. In a deal signed last year, Vedanta’s holding company, Volcan Investments, and Foxconn had planned to establish semiconductor and display production plants in Gujarat, India, the home state of Prime Minister Narendra Modi.
According to Reuters, Foxconn’s decision to exit the joint venture was influenced by stalled discussions with European chipmaker STMicroelectronics as a potential tech partner, as well as delays in obtaining incentive approvals.
Reporting by Sethuraman NR in Bengaluru and Tanvi Mehta in New Delhi; Editing by Nivedita Bhattacharjee and Louise Heavens
Credit: The Star : Tech Feed
