Foxconn's Withdrawal Deals Blow to India's Semiconductor Industry

Foxconn has withdrawn from its $19.5 billion joint venture with Vedanta to manufacture semiconductors in India, dealing a blow to Prime Minister Narendra Modi's chipmaking plans. The timeline of events shows that the joint venture had been facing challenges, including difficulties in securing a technology partner and disagreements over the involvement of STMicroelectronics. Foxconn did not provide a specific reason for its withdrawal, but stated that it had worked on the project for over a year before mutually deciding to end the joint venture.