Foxconn's $19.5 billion chipmaking JV with Vedanta falls through, impacting India's semiconductor plans

Foxconn, the world's largest contract electronics maker, has withdrawn from a $19.5 billion semiconductor joint venture with Indian conglomerate Vedanta, dealing a blow to Prime Minister Narendra Modi's chipmaking plans for India. The move represents a setback to Modi's ambitions of luring foreign investors to make chips locally for the first time, as chipmaking is a top priority for India's economic strategy. Foxconn and Vedanta had signed a pact last year to set up semiconductor and display production plants in Gujarat, but the joint venture has now been terminated.