Business & FinanceDealsTechnology
10 July 2023, 8:05 pm 1 minute
Reuters was first to report that Taiwan’s Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi’s chipmaking plans for India. The world’s largest contract electronics maker signed a pact with Vedanta last year to set up semiconductor and display production plants in Modi’s home state of Gujarat but said Monday it was not going to move forward. Reuters was again first to report further details of Foxconn’s pullout, with a source saying New Delhi had raised several questions on the cost estimates provided to request incentives from India’s government, and concerns about incentive approval delays also contributed to the decision.
Modi has made chipmaking a top priority for India’s economic strategy in pursuit of a “new era” in electronics manufacturing and Foxconn’s move represents a blow to his ambitions of luring foreign investors to make chips locally for the first time.
Topics of Interest: Business & FinanceDealsTechnology
Type: Reuters Best
Sectors: Business & FinanceTechnology
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story